我国资产证券化中SPV涉税法律问题案例研究

发布时间：2018-09-19 11:02

【摘要】：资产证券化是20世纪70年代以来全球金融领域最重大的创新之一，与传统融资方式不同，它以资产信用为基础，是一种以资产未来现金流为支持的结构性融资方式。资产证券化在美国、英国等发达国家已经成为主流的金融方式，在日本、韩国等亚洲国家也获得了广泛的运用，并促进了这些国家和地区的金融发展和经济增长。我国的经济增长幅度每年都维持在高位，国内生产总值已经位于世界第二位，而我国的资产证券化业务正处在起步阶段，不论是交易规模、产品类型还是相应的法律法规都与欧美等发达国家有着明显的差距，这其中有多种因素的制约，而交易成本无疑是影响该业务开展的关键因素之一。作为交易成本中最为重要的部分，税收成本的大小非常值得我们关注。本文从交易成本角度出发，以资产证券化中SPV这一核心载体为切入点，通过对典型案例的具体分析，引出其中的涉税法律问题，期望从税法的角度来研究如何促进资产证券化业务在我国的发展。全文除导言和结语外共五个部分，，第一部分阐述了资产证券化中对SPV课税的理论基础。首先介绍了资产证券化及其SPV的基本概念，并分析了我国SPV的两种法律形式。其次是我国资产证券化中对SPV课税应遵循的税法理论与原则。第二部分和第三部分均采用案例分析的形式探讨了我国两种资产证券化中不同SPV的涉税法律问题。两种资产证券化业务虽然交易结构类似，但是涉税法律问题不尽相同，各有侧重。其中，第二部分介绍了信贷资产证券化中SPV的涉税法律问题，主要涉及印花税、营业税和所得税。第三部分介绍了证券公司资产证券化中SPV的涉税法律问题，主要涉及税收政策不明所带来的税务风险问题。第四部分主要介绍了美国、法国、日本、中国台湾等其他国家或地区对资产证券化业务在税收方面的规定，主要包括SPV的法律形式、税收法律地位等，并从中概括出对我国进行资产证券化业务发展的有益借鉴。第五部分主要是对我国资产证券化中SPV相关税制提出了自己的建议，进一步完善现行SPV的税制。本文的创新之处在于，第一，观察角度新颖。对资产证券化中税收问题的研究专门从SPV角度出发的非常少。第二，探讨的涉税法律问题在具有理论意义的同时具备较强的现实意义。本文选取了我国资产证券化中的两个真实案例，并且在各自领域具有典型性。第三，结合最新法规，在前人研究的基础上提出自己对于SPV税收政策建议。
[Abstract]:Asset securitization is one of the most important innovations in the global financial field since the 1970s. It is based on asset credit and is a structured financing method supported by the future cash flow of assets. Asset securitization has become the mainstream financial method in developed countries such as the United States and Britain, and has been widely used in Asian countries such as Japan and South Korea, and has promoted the financial development and economic growth of these countries and regions. China's economic growth rate is maintained at a high level every year, and the gross domestic product (GDP) has already ranked second in the world. However, China's asset securitization business is in its infancy, regardless of the scale of transactions. The product type or the corresponding laws and regulations have obvious disparity with the developed countries such as Europe and America, which has many factors, and the transaction cost is undoubtedly one of the key factors affecting the development of the business. As the most important part of transaction cost, the size of tax cost is worth our attention. From the angle of transaction cost, this paper starts with the core carrier of SPV in asset securitization, through the concrete analysis of typical cases, leads to the legal problems concerning tax. It is expected that how to promote the development of asset securitization in China from the perspective of tax law. The first part expounds the theoretical basis of SPV taxation in asset securitization. This paper first introduces the basic concepts of asset securitization and its SPV, and analyzes the two legal forms of SPV in China. Secondly, the tax law theory and principle of SPV tax should be followed in asset securitization in China. In the second part and the third part, the tax-related legal problems of different SPV in asset securitization are discussed in the form of case study. Although two kinds of asset securitization business have similar transaction structure, but the tax-related legal question is different, each has the emphases. The second part introduces the tax-related legal problems of SPV in credit asset securitization, including stamp duty, business tax and income tax. The third part introduces the tax-related legal problems of SPV in securities company asset securitization, which mainly involve the tax risk caused by the unclear tax policy. The fourth part mainly introduces the tax regulations of the United States, France, Japan, Taiwan and other countries or regions on the business of asset securitization, including the legal form of SPV, the legal status of tax, etc. And from the summary of asset securitization business development in China useful reference. In the fifth part, the author puts forward some suggestions on the SPV tax system in China's asset securitization, and further improves the current SPV tax system. The innovation of this paper lies in: first, the angle of observation is novel. The research on tax in asset securitization is very few from the angle of SPV. Second, the tax-related legal issues have theoretical significance as well as strong practical significance. This paper selects two real cases of asset securitization in China, and is typical in their respective fields. Third, combining the latest laws and regulations, put forward their own tax policy recommendations for SPV on the basis of previous studies.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.282;D922.291.91;D922.22

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