中国资产证券化中特殊目的载体的法律构建

发布时间：2018-05-02 11:17

本文选题：特殊目的载体 + 特殊目的基金　；参考：《哈尔滨工业大学》2017年硕士论文

【摘要】：资产证券化是20世纪后半叶国际金融市场最重大的金融创新,作为当前国际金融市场最重要的融资工具,资产证券化对于中国金融市场具有重要意义。资产证券化中最具特色的创新在于创设了特殊目的载体,特殊目的载体是资产证券化的核心,借助特殊目的载体向发起人购买拟证券化的资产,发行资产担保证券销售给投资者,由此建立以特殊目的载体为中心的稳定的自我清偿性融资结构。随着资产证券化实务操作的多元化,特殊目的载体的构建也暴露了许多问题,资产证券化中日益复杂的法律关系缺乏有效的法律制度加以调整。研究方法采用问题导向法、比较分析法与文献分析法,在比较借鉴国外立法经验与理论成果的基础上,比较分析特殊目的载体的构建模式并提出立法建议,推进我国资产证券化的发展,实现资产证券化的意义与价值。资产证券化以及特殊目的载体包含的法律关系复杂,法律主体众多,明确特殊目的载体的法律性质、特殊目的载体与其他主体的法律关系是构建适用于我国法制背景下特殊目的载体的基础。作为上个世纪最具影响的金融创新,资产证券化与特殊目的载体在欧美等发达国家或地区发展迅速,资产证券化对于我国而言是一个舶来品,其发展更多的需要借鉴其它国家或地区的发展经验,分析美国、加拿大、日本等发达国家和地区的资产证券化发展以及特殊目的载体的立法模式,可以为我国特殊目的载体的立法构建起到补充作用。在我国当前的法制背景下,无论是特殊目的公司亦或是特殊目的信托都存在法律障碍。在此基础上,构建一种适用于我国法律制度的新型特殊目的载体即特殊目的基金显得尤为重要。特殊目的基金的构建以公司型基金为基础,构建特殊目的基金具有必要性与可行性。根据我国的具体国情,构建特殊目的载体制度应当对于资产证券化进行专门立法。在立法原则方面,应当以投资者权益保护原则为首要原则,投资者在整个资产证券化中起着至关重要的作用,且常常处于弱势的地位,保护投资者权益是构建特殊目的载体必须确立的首要原则。特殊目的载体内部的制度构建也是其功能得以发挥的关键。对于特殊目的载体的有效监管可以防控金融风险。资产证券化中法律关系复杂,特殊目的载体与商事法律体系的协同性保障了资产证券化目的的实现。最后,在立法原则、具体制度构建、监管路径以及商事法律体系协同性论述的基础上,提出构建统一资产证券化法的制度框架。
[Abstract]:Asset securitization is the most important financial innovation in the international financial market in the second half of the 20th century. As the most important financing tool of the current international financial market, asset securitization is of great significance to the Chinese financial market. The most distinctive innovation in asset securitization lies in the creation of special purpose carrier, which is the core of asset securitization. Issuance of asset-backed securities to investors, thus establishing a stable self-liquidating financing structure centered on special purpose vehicles. With the diversification of practical operation of asset securitization, the construction of special purpose carrier has exposed many problems, and the increasingly complex legal relationship in asset securitization lacks an effective legal system to adjust it. The research methods adopt problem-oriented method, comparative analysis method and literature analysis method. On the basis of comparing and learning from foreign legislative experience and theoretical results, the author compares and analyzes the construction mode of special purpose carrier and puts forward legislative suggestions. Promote the development of asset securitization and realize the significance and value of asset securitization. Asset securitization and special purpose carriers contain complex legal relations, numerous legal subjects, and make clear the legal nature of special purpose vehicles. The legal relationship between the special purpose carrier and other subjects is the basis of constructing the special purpose carrier under the legal background of our country. As the most influential financial innovation in the last century, asset securitization and special purpose carrier have developed rapidly in developed countries or regions, such as Europe and America. Asset securitization is an import to our country. Its development needs to draw lessons from the development experience of other countries or regions, and analyze the development of asset securitization and the legislative model of special purpose carrier in developed countries and regions such as the United States, Canada, Japan, etc. It can play a supplementary role in the legislative construction of special purpose carrier in our country. Under the background of our country's current legal system, there are legal obstacles in either special purpose company or special purpose trust. On this basis, it is very important to construct a new type of special purpose fund which is suitable for the legal system of our country. The construction of special purpose fund is based on company fund, and it is necessary and feasible to construct special purpose fund. According to the specific situation of our country, the construction of special purpose carrier system should make special legislation on asset securitization. In the aspect of legislative principle, the principle of protecting investors' rights and interests should be taken as the first principle. Investors play a vital role in the whole securitization of assets and are often in a weak position. Protecting investor's rights and interests is the primary principle that must be established to construct special purpose carrier. The system construction inside the special purpose carrier is also the key to its function. Effective supervision of special purpose vehicles can prevent and control financial risks. The legal relationship in asset securitization is complex, and the coordination between special purpose carrier and commercial legal system ensures the realization of asset securitization. Finally, on the basis of the legislative principle, the concrete system construction, the supervision path and the commercial legal system coordination discussion, this paper puts forward the system frame of the unified asset securitization law.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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