我国资产证券化特殊目的载体法律整合研究

发布时间：2018-05-15 22:12

本文选题：资产证券化 + 特殊目的载体　；参考：《吉林财经大学》2017年硕士论文

【摘要】：近年来,随着国际金融市场的开放和发展,在2008年金融危机中备受瞩目的资产证券化金融衍生品逐渐复苏。资产证券化的本质为债权的证券化,通过一系列结构化设计,使不易变现但具有稳定现金流的资产以发行证券的形式融资,既节省交易成本,又丰富融资形式,被誉为是二十世纪最伟大的金融创新之一。特殊目的载体的独特设计在于“破产隔离”机制的构建,在资产证券化业务操作过程中处于核心地位,起着决定性作用。本文拟通过对资产证券化中不同法律模式的特殊目的载体进行研究剖析,针对我国资产证券化特殊目的载体立法现状整合法律依据、总结现行制度时弊并提出完善建议路径,为我国资产证券化业务又好又快发展提供法律保障和理论支撑。全文分为五个部分。第一部分为引言。主要介绍特殊目的载体的基本概念,文章的研究背景及意义,撰写文章使用的研究方法,研究过程中的创新点,以及文章主要的研究框架。第二部分为资产证券化特殊目的载体的组建模式与法律关系分析。首先介绍了资产证券化特殊目的载体的组建模式。常见的特殊目的载体组建模式主要有信托型特殊目的载体、公司型特殊目的载体以及合伙型特殊目的载体。通过分析各类组建模式的特点,详述利弊。然后,逐一剖析了资产证券化业务中,特殊目的载体与发起人、投资者、承销商和其他服务商之间的法律关系。第三部分为域外资产证券化特殊目的载体的立法现状。选取资产证券化业务发展比较完善的美国、英国、日本和韩国等国家为例,美国资产证券化业务发展最早,特殊目的载体也最具成熟性;英国资产证券化业务仅次于美国,在欧洲国家排列首位,具有衡平法背景下特殊目的载体的选择特点;日本为亚洲最早启动资产证券化业务的国家,根植于传统大陆法系,可以为我国提供有益参考;韩国的资产证券化业务源于经济危机后的复苏政策,政府在业务发展过程中起到了决定性作用。第四部分为我国资产证券化特殊目的载体的法律整合与主要问题探析。首先介绍我国资产证券化特殊目的载体主要法律规定,总结信贷资产证券化、资产支持专项计划、项目资产支持计划、资产支持票据等几种实务中常见的特殊目的载体模式的法律规定。分析我国资产证券化特殊目的载体相关法律制度存在的问题,一是分业监管,法出多门,且立法层次较低;二是信托型特殊目的载体法律结构存在缺陷;三是公司型特殊目的载体面临法律障碍。第五部分为我国资产证券化特殊目的载体的完善路径。第一是统一特殊目的载体相关立法,构建资产证券化法律体系,分别从法理学和法律经济学的视角分析了专门立法的法律基底与博弈分析的最优选择;第二是进一步完善特殊目的信托法律制度,探索公司型特殊目的载体的建构机制;第三是借鉴域外创新规制方法,健全资产证券化信用评级体系,完善信息披露路径,保障信息有效沟通。
[Abstract]:In recent years, with the opening and development of the international financial market, the asset securitization financial derivatives are recovering gradually in the financial crisis in the 2008. The essence of asset securitization is the securitization of creditor's rights. Through a series of structured designs, the assets which are not easy to change but have stable cash flow are financing in the form of securities. The transaction cost and the form of financing have been praised as one of the greatest financial innovations of the twentieth Century. The unique design of the special purpose carrier is the construction of the "bankruptcy isolation" mechanism, which plays a decisive role in the operation of the asset securitization business. The special purpose carrier is studied and analyzed. According to the legal basis of the legislation of the special purpose carrier in China's asset securitization, the current system is summed up and the suggestion path is put forward to provide the legal guarantee and theoretical support for the good and fast development of the asset securitization business in China. The full text is divided into five parts. The first part is the introduction. This paper mainly introduces the basic concept of special purpose carrier, the research background and significance of the article, the research methods used in the article, the innovation in the research process, and the main research framework of the article. The second part is the establishment mode and legal relationship analysis of the special purpose carrier for Asset Securitization. The establishment mode of the carrier. The common special purpose carrier formation mode mainly includes the special purpose carrier of trust type, the special purpose carrier of the company and the special purpose carrier of the partnership type. Through the analysis of the characteristics of the various types of organization, the advantages and disadvantages are described in detail. Then, the special purpose carrier and promoter, investment in the asset securitization business are analyzed one by one. The legal relationship between the underwriter and the other service providers. The third part is the legislative status of the special purpose carrier for the securitization of foreign assets. The United States, the United Kingdom, Japan and South Korea, for example, the United States of America, Britain, Japan and Korea, are the earliest, and the special purpose carrier is the most mature; The asset securitization business is second only to the United States, ranking first in the European countries, with the choice characteristic of the special purpose carrier in the context of equity; the country which is the first to start the asset securitization business in Asia, is rooted in the traditional continental law system, and can provide useful reference for our country; the South Korea's asset securitization business is derived from the economic crisis. The government has played a decisive role in the process of business development. The fourth part is the legal integration and main problems of the special purpose carrier of China's asset securitization. First, it introduces the main legal provisions of the special purpose carrier of China's asset securitization, sums up the credit securitization, the special plan of asset support, and the project assets branch. The legal provisions of the special purpose carrier mode, which are common in several practices, such as the plan, the asset support bill and so on. The analysis of the problems existing in the legal system related to the special purpose carrier of the asset securitization of our country, one is division supervision, many ways, and low legislative level; two, the legal structure of the special purpose carrier of trust type exists defects; the three is the company. The special purpose carrier is confronted with legal obstacles. The fifth part is the perfect path for the special purpose carrier of China's asset securitization. The first is to unify the relevant legislation of the special purpose carrier, construct the legal system of asset securitization, and analyze the best selection of the legal basis and game analysis of the special legislation from the perspective of jurisprudence and law and economics. The second is to further improve the special purpose trust legal system, to explore the construction mechanism of the special purpose carrier of the company, and the third is to draw on the foreign innovation regulation methods, improve the credit rating system of asset securitization, improve the information disclosure path, and ensure the effective communication of information.

【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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