循环购买下资产证券化业务法律风险研究

发布时间：2018-07-29 15:56

【摘要】：循环购买结构下的资产证券化能够有效增加资产的流动性,丰富我国的金融体系,但其自身的风险也对我国资本市场的稳定构成极大威胁。为进一步降低循环购买结构下资产证券化风险带来的损害,本文对其风险和防范措施进行了探究。本文共分为四部分,详细内容阐述如下:第一部分主要介绍了资产证券化在国外与国内的产生与发展。作为资本市场的新生事物,资产证券化在我国产生之后并没有迅速发展起来。在经历短暂的"蛰伏"后,资产证券化再次启航;进入2013年后,随着我国资产证券化制度的不断完善,资产证券化以其特有的优势——独立于企业自身的信用状况进行融资,迅速在我国资本市场崛起。为充分发挥短期资产的价值、解决短期资产流动性不足的问题,循环购买结构下的资产证券化应运而生。第二部分主要介绍了循环购买下的资产证券化。首先,对资产证券化的定义进行界定。随后,文章对其交易结构的创新——循环购买进行论述。循环购买结构下的资产证券化通过设立资产池,设置循环期与分配期,有效解决了短期资产流动性不足的问题,使短期资产成为资产支持专项计划的适格基础资产,一定程度上缓解了企业融资难的处境。第三部分主要介绍了循环购买结构下资产证券化的潜在法律风险。事物都有两面性,在给我们带来好处的同时,也会隐藏祸端。创新交易结构后,循环购买结构下的资产证券化可有效丰富我国资产证券化基础资产的范围、增加短期资产的流动性,但因其需要循环购买基础资产,其面临的法律风险尤为严重。收益权类基础资产法律性质模糊,影响入池资产独立性;目前我国的破产撤销权并未明确规定要求当事人具有主观恶意,基础资产入池后,破产撤销权仍然会成为专项计划上方悬挂的一把"利剑";差额支付承诺是否能够确保资产支持专项计划不会出现兑付违约事件的疑问,也使资产支持专项计划的信用蒙上了一层阴影;专项计划资金的监管不到位,不能及时预警资产支持专项计划的违约风险;基础资产是否能够满足资产支持专项计划的存续要求等。这些风险都会对资产支持专项计划的运营带来不可估量的损失。第四部分主要介绍了循环购买结构下资产证券化法律风险的防范。我们必须重视循环购买结构下资产证券化的潜在法律风险,明确收益权类基础资产法律属性,完善收益权类基础资产转让方式;完善我国破产撤销权制度,维护专项计划独立性;完善资产支持专项计划的增信措施,促进专项计划稳健运营;健全资金监管,提前预警专项计划的违约风险;合理选择基础资产,确保专项计划的稳定现金流。杜绝风险事件的发生,维护广大投资者的利益和我国资本市场的稳定,是我们义不容辞的责任。
[Abstract]:Asset securitization under circular purchase structure can effectively increase the liquidity of assets and enrich the financial system of our country, but its own risks also pose a great threat to the stability of China's capital market. In order to further reduce the damage caused by the risk of asset securitization under the circular purchase structure, this paper probes into its risk and preventive measures. This paper is divided into four parts. The main contents are as follows: the first part mainly introduces the emergence and development of asset securitization both at home and abroad. As a new thing in capital market, asset securitization has not developed rapidly in China. After experiencing a brief "dormancy", asset securitization sets sail again. After entering 2013, with the continuous improvement of asset securitization system in China, asset securitization has its unique advantage-independent of the credit status of the enterprise itself to finance. Rapid rise in China's capital market. In order to give full play to the value of short-term assets and solve the problem of lack of liquidity of short-term assets, asset securitization under the structure of circular purchase came into being. The second part mainly introduces the asset securitization under the circulation purchase. Firstly, the definition of asset securitization is defined. Then, the article discusses the innovation of its trading structure-cyclic purchase. Asset securitization under circular purchase structure can effectively solve the problem of lack of liquidity of short-term assets by setting up asset pool, cycle period and distribution period, and make short-term assets become the appropriate basic assets of the special asset support plan. To some extent, ease the financing difficulties of enterprises. The third part mainly introduces the potential legal risk of asset securitization under circular purchase structure. There are two sides to everything, and while bringing us benefits, we can hide the evil at the same time. After the innovation of transaction structure, asset securitization under circular purchase structure can effectively enrich the scope of basic assets of asset securitization in China and increase the liquidity of short-term assets. The legal risk it faces is especially serious. The legal nature of the basic assets of income right is vague, which affects the independence of the assets entering the pool. At present, the bankruptcy revocation right in our country has not clearly stipulated that the parties concerned are required to have subjective malice, after the basic assets enter the pool, Bankruptcy rescission rights will remain a "sword" hanging above the special plan; whether the balance payment commitment will ensure that there will be no default on the asset-backed plan, It also casts a shadow over the credit of the special asset support plan, the supervision of the special plan funds is not in place, and the default risk of the asset support special plan cannot be warned in time; Whether the basic assets can meet the existing requirements of the asset support program, etc. These risks will bring incalculable losses to the operation of the asset support program. The fourth part mainly introduces the prevention of legal risk of asset securitization under circular purchase structure. We must attach importance to the potential legal risk of asset securitization under the structure of circular purchase, clarify the legal attributes of the basic assets of the income right category, perfect the transfer mode of the basic assets of the income right class, and perfect the system of bankruptcy revocation right in our country. To maintain the independence of the special plan; to improve the credit enhancement measures for the asset support special plan, and to promote the steady operation of the special plan; to improve the supervision of funds and to forewarn the default risk of the special plan; and to rationally select the basic assets, Ensure steady cash flow for specific projects. It is our duty to put an end to the occurrence of risk events and to safeguard the interests of investors and the stability of our capital market.
【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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