资产证券化中“真实出售”的法律要件研究
发布时间：2019-01-05 03:07
【摘要】：真实出售可以隔离独立资产的信用风险与发起人的破产风险，是资产隔离可以成功运作的必要条件。本文立足于本土化的资产证券化实践，结合我国现行与资产证券化“真实出售”相关的法律法规，对真实出售的相关法律问题展开论述，共分为五部分。 第一部分是资产转移的方式。合适的资产转移方式是真实出售的前提，目前国内外资产证券化的资产转移主要有四个方式，分别是更新、从属参与、让与和信托。在我国的法制环境和市场实践中，宜选择债权让与和信托这两种资产转移方式。 第二部分是真实出售的判断标准。在该部分，先讨论了真实出售的法律内涵，本文认为真实出售的法律内涵是发起人将持有的原始资产有效转移给SPV后，资产的信用风险即与发起人的破产风险相隔离，即使发起人破产，该资产也不受破产债权人的任何追索和破产程序的任何干扰。关于真实出售的判断标准，国外主要分为实质主义和形式主义两大派，实质主义注重交易的经济实质，而形式主义尊重当事人的意思自治。对于我国而言，，考虑到资产证券化发展初期的阶段特点和试点期间的实践作法，建议采实质主义的判断标准。 第三部分是真实出售的法律要件。我国尚未明确真实出售法律要件，目前存在的主要是在会计层面对真实出售的相关规定，具体为《企业会计准则第23号－－金融资产转移》和《金融机构信贷资产证券化试点监督管理办法》中的相关规定。本文提出构建我国真实出售法律要件的三大因素：需采用有效的资产转移方式转移基础资产；有资产转移的真实意思表示；基础资产需与发起人的破产风险相隔离。对于不符合真实出售的交易，就可能会面临重新定性、破产取回、撤销交易和混合的法律风险。 第四部分是真实出售的对抗要件。由于资产证券化的发行环节会牵扯到众多投资者的利益，因此之前资产转移环节中的“真实出售”也需具有对世的效力，这就涉及资产转移公示制度的建立，本文建议对于债权让与和信托转移的公示都采取登记的方式。 第五部分是我国真实出售问题的实践分析。在该部分，主要讨论了信贷资产证券化和企业资产证券化两大类型。在该部分，主要讨论了信贷资产证券化和企业资产证券化两大主流形态。我国信贷资产证券化以信托为资产转移模式，虽然仍有问题尚待完善，但基本上可以满足真实出售的法律标准。而专项资产管理计划的真实出售纯度则不一，主要存在收益权类基础资产、发起人的反担保风险、资金混同风险、发起人的回售权和赎回权、发起人的补足承诺、计划管理人的破产风险和证券公司是否可以从事信托业务等问题。
[Abstract]:The real sale can isolate the credit risk of independent assets and the bankruptcy risk of sponsors, which is the necessary condition for the successful operation of asset separation. Based on the local practice of asset securitization and the current laws and regulations related to the "real sale" of asset securitization in China, this paper discusses the relevant legal issues of real sale, which is divided into five parts. The first part is the mode of transfer of assets. At present, there are four ways of asset transfer in domestic and foreign asset securitization, which are renewal, subordinate participation, transfer and trust. In our country's legal environment and market practice, the transfer of creditor's rights and trust should be chosen. The second part is the criterion of real sale. In this part, we first discuss the legal connotation of real sale. This paper holds that the legal connotation of real sale is that the credit risk of the assets is isolated from the bankruptcy risk of the sponsors after the original assets are effectively transferred to the SPV. Even if the initiator is bankrupt, the asset is not subject to any recourse by the bankrupt creditor and any interference with the insolvency proceedings. On the criterion of real sale, there are two major schools in foreign countries: essentialism and formalism. Substance pays attention to the economic essence of transaction, while formalism respects the autonomy of the parties' will. For our country, considering the characteristics of the initial stage of asset securitization development and the practice during the pilot period, it is suggested to adopt the criterion of essentialism. The third part is the legal elements of real sale. China has not yet made clear the legal requirements of the real sale. At present, there are mainly the relevant provisions on the real sale at the accounting level. The related provisions of Accounting Standards for Enterprises No. 23-transfer of Financial assets and measures for Supervision and Administration of Credit Asset Securitization of Financial institutions. This paper puts forward three major factors to construct the legal elements of real sale in China: transfer of basic assets by effective transfer of assets, expression of real meaning of transfer of assets, isolation of basic assets from the bankruptcy risk of sponsors. For transactions that do not match the real sale, there may be legal risks of recharacterization, recovery from bankruptcy, cancellation of the transaction and a mix of them. The fourth part is the antagonistic elements of real sale. Since the issuance of asset securitization will involve the interests of many investors, the "real sale" in the asset transfer link also needs to be effective to the world, which involves the establishment of the asset transfer publicity system. This paper suggests that both the assignment of creditor's rights and the public notice of the transfer of trust should be registered. The fifth part is the practical analysis of the problem of real sale in China. In this part, two types of credit asset securitization and enterprise asset securitization are discussed. In this part, two main forms of credit asset securitization and enterprise asset securitization are discussed. China's credit asset securitization takes trust as the mode of asset transfer, although there are still some problems to be perfected, it can basically meet the legal standard of real sale. However, the purity of the real sale of the special asset management plan is not the same. There are mainly the basic assets of the income right category, the risk of the sponsors' counter-guarantee, the risk of mixing the funds, the rights of the promoters to sell back and the right of redemption, and the supplementary commitments of the sponsors. Plan administrator's bankruptcy risk and whether the securities company can engage in trust business and so on.
【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】：D923;D922.287
[Abstract]:The real sale can isolate the credit risk of independent assets and the bankruptcy risk of sponsors, which is the necessary condition for the successful operation of asset separation. Based on the local practice of asset securitization and the current laws and regulations related to the "real sale" of asset securitization in China, this paper discusses the relevant legal issues of real sale, which is divided into five parts. The first part is the mode of transfer of assets. At present, there are four ways of asset transfer in domestic and foreign asset securitization, which are renewal, subordinate participation, transfer and trust. In our country's legal environment and market practice, the transfer of creditor's rights and trust should be chosen. The second part is the criterion of real sale. In this part, we first discuss the legal connotation of real sale. This paper holds that the legal connotation of real sale is that the credit risk of the assets is isolated from the bankruptcy risk of the sponsors after the original assets are effectively transferred to the SPV. Even if the initiator is bankrupt, the asset is not subject to any recourse by the bankrupt creditor and any interference with the insolvency proceedings. On the criterion of real sale, there are two major schools in foreign countries: essentialism and formalism. Substance pays attention to the economic essence of transaction, while formalism respects the autonomy of the parties' will. For our country, considering the characteristics of the initial stage of asset securitization development and the practice during the pilot period, it is suggested to adopt the criterion of essentialism. The third part is the legal elements of real sale. China has not yet made clear the legal requirements of the real sale. At present, there are mainly the relevant provisions on the real sale at the accounting level. The related provisions of Accounting Standards for Enterprises No. 23-transfer of Financial assets and measures for Supervision and Administration of Credit Asset Securitization of Financial institutions. This paper puts forward three major factors to construct the legal elements of real sale in China: transfer of basic assets by effective transfer of assets, expression of real meaning of transfer of assets, isolation of basic assets from the bankruptcy risk of sponsors. For transactions that do not match the real sale, there may be legal risks of recharacterization, recovery from bankruptcy, cancellation of the transaction and a mix of them. The fourth part is the antagonistic elements of real sale. Since the issuance of asset securitization will involve the interests of many investors, the "real sale" in the asset transfer link also needs to be effective to the world, which involves the establishment of the asset transfer publicity system. This paper suggests that both the assignment of creditor's rights and the public notice of the transfer of trust should be registered. The fifth part is the practical analysis of the problem of real sale in China. In this part, two types of credit asset securitization and enterprise asset securitization are discussed. In this part, two main forms of credit asset securitization and enterprise asset securitization are discussed. China's credit asset securitization takes trust as the mode of asset transfer, although there are still some problems to be perfected, it can basically meet the legal standard of real sale. However, the purity of the real sale of the special asset management plan is not the same. There are mainly the basic assets of the income right category, the risk of the sponsors' counter-guarantee, the risk of mixing the funds, the rights of the promoters to sell back and the right of redemption, and the supplementary commitments of the sponsors. Plan administrator's bankruptcy risk and whether the securities company can engage in trust business and so on.
【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】：D923;D922.287
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