我国企业资产证券化法律问题研究

发布时间：2018-06-18 03:57

本文选题：企业资产证券化 + 信托　；参考：《山东大学》2017年硕士论文

【摘要】：企业资产证券化(enterprise asset-backed Securitization,简称企业ABS)是一种以资产信用为基础的高效率、低成本的融资过程,通过一定结构化安排使基础资产独立于原始权益人其他资产,通过"真实出售"、信用增级等手段增强资产自身信用,实现资产支持证券(Asset-backed Securities(ABS))之风险与原始权益人经营、财务风险相隔离的效果;对于投资者而言证券化产品对其吸引力完全取决于基础资产的品质,偿本付息时投资者所购买的资产支持证券到期本金及收益的偿付严格依赖于资产池中资产的现金流的回收。因而资产信用与风险隔离是我国资产证券化的最重要的两个核心特征。2016年被称之为"企业资产证券化爆发年",根据中债登统计,这一年企业资产证券化市场规模为4385.21亿元,已经超过信贷ABS成为发行量最大的资产支持类产品,基础资产类型不断创新,交易结构如超额现金流覆盖等内部增信措施也层出不穷。企业资产证券化的爆发式发展给我国资本市场带来了巨大的活力,特别是备案制实施以来,各种类型的企业资产均被包装成为企业支持证券出现在金融市场上。然企业资产证券化独特的特殊目的机构——专项资产管理计划性质处于不确定状态,给其本质为信托关系的认定带来一定困难,另一方面企业资产证券化与融资担保存在千丝万缕联系,我国企业资产证券化的法律认定问题不明确,信息披露机制的不完善给我国企业资产证券化的监管与二级市场的流通带来较大阻力。本文首先梳理资产证券化的起源,介绍我国资产证券化种类,然后从资产信用与风险隔离两个角度阐述企业资产证券化业务的内涵与核心特征,随后对企业资产证券化的本质关系、真实出售法律认定标准的探究,分析问题本质,借鉴经验,从法律角度对企业ABS内涵、性质、法律本质、法律认定全面分析,为今后出现的企业资产证券化争议解决提供可行的法律依据。
[Abstract]:Enterprise asset-backed Securitization is an efficient and low-cost financing process based on asset credit. Through the means of "real sale", credit enhancement and so on, to enhance the credit of assets themselves, to realize the effect of isolating the risk of asset-backed securities from the original rights holders' operation and financial risk; For investors, the attraction of securitization products depends entirely on the quality of the underlying assets, and the repayment of the principal and income of the asset-backed securities purchased by investors during the repayment of principal and interest is strictly dependent on the recovery of the cash flow of the assets in the asset pool. Therefore, asset credit and risk isolation are the two most important core features of asset securitization in China. 2016 is called "the year of the outbreak of enterprise asset securitization". According to the statistics of China's debt collection, the market size of enterprise asset securitization is 438.521 billion yuan in that year. Credit ABS has become the largest issued asset support products, the basic asset types are constantly innovating, the trading structure such as excess cash flow coverage and other internal credit enhancement measures are emerging in endlessly. The explosive development of enterprise asset securitization has brought great vitality to the capital market of our country, especially since the implementation of the record keeping system, all kinds of enterprise assets have been packaged as enterprise supporting securities in the financial market. However, the nature of the special purpose organization of enterprise asset securitization, the special asset management plan, is in an uncertain state, which brings some difficulties to the nature of the trust relationship. On the other hand, enterprise asset securitization and financing guarantee are inextricably linked, and the legal recognition of enterprise asset securitization in our country is not clear. The imperfection of information disclosure mechanism brings great resistance to the supervision of asset securitization and the circulation of secondary market. This paper first combs the origin of asset securitization, introduces the types of asset securitization in China, and then expounds the connotation and core characteristics of enterprise asset securitization business from the two angles of asset credit and risk isolation. Then, the paper probes into the essential relationship of enterprise asset securitization, explores the standard of legal cognizance of real sale, analyzes the essence of the problem, draws lessons from experience, analyzes the connotation, nature, legal essence and legal cognizance of ABS from the angle of law. It provides a feasible legal basis for the dispute settlement of enterprise asset securitization in the future.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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