资产证券化中资产转让法律问题研究

发布时间：2018-03-06 05:05

本文选题：资产证券化　切入点：资产转让　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：资产证券化是近30多年来最有影响的金融创新之一,在金融市场上扮演着越来越重要的角色。自2008年美国次贷危机以来,资产证券化却遭受非议,虽然次贷危机对世界金融市场冲击巨大,但资产证券化这项金融创新工具的价值是不能否定的。资产证券化在我国起步较晚,规模也相对有限,但是对于我国这样金融市场并不发达的国家,资产证券化在拓宽融资渠道,降低融资成本,稳定金融市场,改善商业银行资本结构,增强商业银行资产流动性,促进我国资本市场发展等方面都会起到显著的作用。所以,在2012年资产证券化停滞的4年后,国务院批准继续扩大资产证券化试点,相比4年前的上一次试点,这次放开的体量几乎赶上了之前4年的总发行量。而且发行方多了几家城市商业银行,它们分别拿到了500亿元中的几十亿的份额,证监会和银行间交易商协会还对公司放开了一种非常规意义的资产证券化产品,购买主体也有所突破。目前,中国工商银行已经获准发行35.92亿元“工元2013第一期信贷资产支持证券”,证监会于2013年3月15日发布《证券公司资产证券化业务管理规定》,允许符合具备证券资产管理业务资格等条件的证券公司申请设立专项计划、发行资产支持证券,我国的资产证券化又将重启。资产证券化是指发起人将拟证券化资产转让给一个特殊目的载体,并组成资产池,并以其产生的现金流为基础设计并公开发行各种有价证券,SPV用销售证券获得的收入偿付发起人的资产转让价款,用资产产生的现金流清偿投资者所持证券的权益。另外,信用评级和增级机构为资产证券化提供评级和增级,证券承销商负责承销债券,附属便利提供机构提供其他服务。资产转让是证券化交易结构中最重要的环节之一,具体是指发起人(原始权益人)将证券化的基础资产转移到特殊目的载体的过程,资产证券化主要通过资产转让可以实现与发起人的风险隔离,尤其是破产风险,决定着资产证券化能否成功,也是区别资产证券化和其他传统的融资模式的关键,所以对资产证券化中资产转移这一环节的相关法律问题进行研究很有必要。本文整体思路是：理论依据、现有制度分析、实证分析、制度比较启示与借鉴、最后提出建议。具体分为五章,各章的主要内容如下：第二章详细的介绍美国资产转让的法律制度,美国作为世界上资产证券化历史最悠久的国家,资产转让制度必定有其可取之处,当然金融危机的爆发也暴露出许多问题,所以有必要对其进行分析。本章结合美国资产证券化的立法和司法实践,分析了转让的两种主要方式、通知方式、真实销售认定标准和风险防范等法律问题,在对真实销售认定标准的分析上,分别从会计法、破产法和司法判例三方面进行分析。如果发起人向SPY转让资产,不能实现真实销售,就可能遭受可撤销风险、混合风险和重新定性风险,对如何防范风险提出了建议,最后试图寻求美国制度的启示与借鉴,建议完善资产转让登记制度,明确资产转让的认定标准。第三章着重分析我国资产证券化中的资产转让制度和具体的法律问题,剖析了我国目前资产证券化资产转让选择信托方式的原因,首先,信托财产具有独立性,不受委托人、受托人破产的影响,和资产证券化的风险隔离要求相符合。第二,从税收角度来看,信托方式税负相对来说比较低,能够避免重复征税,可以降低证券化成本,信托模式在节税方面具有很大的优势,这也是选择信托模式的一个很重要的原因。第三采用信托模式组建SPT可以大大的节约成本,这也符合资产证券化运作追求低成本的要求,只有资产支持证券具备成本优势,才会有更多价值让渡给投资者。最后,有利于资产证券化交易各方的利益保护,在信托制度中,委托人信托其财产后,就与信托财产脱离了关系,委托人和受益人承担有限责任,均以信托财产为限。信托这种有限责任有利于保护资产证券化各方当事人。通过对我国现有制度框架的分析,发现我国目前并无资产证券化专门立法,相关规定都是散见于信托法、会计法及司法解释和规章等,对于资产转让的规定存在很多漏洞,在美国,成文法的不足可以在司法实践中通过确定具体的判例规则来弥补,但是,我国资产证券化操作原本就不成熟,证券化需求又很迫切,对资产证券化中资产转让的相关规定也比较含糊,建议早日出台专门的资产证券化法规,完善资产转让的法律依据,明确资产转让的认定标准。第四章以“建元2005-01”为例对我国的资产证券化试点进行分析,重点介绍了资产证券化背景、现状和交易结构,分析我国资产转让实践中具体的法律问题,具体讨论了信托受益权能否转让,对我国信托财产的转移和公示方式进行了分析,在对我国资产转让认定标准分析时,发现我国缺少明确的法律标准,应当立法进行完善。最后,讨论了资产不正当转移对信托效力的影响。第五章根据上文对制度和实践的分析,进一步提出解决问题的建议,包括完善资产转让的法律依据,发挥SPV的积极作用,从资产转让的目的、资产转让的价格、发起人享有的控制权、SPV的追索权、发起人的追索权等方面严格认定资产转让。
[Abstract]:Asset securitization is one of the financial innovation in recent 30 years, the most influential, plays an increasingly important role in the financial market. Since 2008 the U.S. subprime mortgage crisis, asset securitization has been criticized, although the sub-prime crisis impact on the world's financial market is huge, but the asset securitization in the financial innovation tool value not negative. Asset securitization in China started late, the scale is relatively limited, but in the financial market in China is not developed countries, asset securitization broaden the financing channels, reduce financing cost, stabilize the financial market and improve the capital structure of commercial banks, enhance the asset liquidity of commercial banks, promoting China's the development of the capital market will play a significant role. Therefore, the asset securitization in 2012 after 4 years of stagnation, approved by the State Council to continue to expand the pilot asset securitization, compared to 4 years ago. A pilot, this release volume almost caught before the total issued 4 years. And the issuer of several city commercial banks, they were to get 50 billion yuan in billions of shares, the Commission and the association between the bank dealers but also the company released an unconventional significance of asset securitization products also, the purchase of the main breakthrough. At present, the ICBC has been allowed to issue 3 billion 592 million yuan "2013 yuan the first phase of the credit asset-backed securities, Securities Regulatory Commission on March 15, 2013 issued securities company asset securitization business in accordance with the provisions on the administration of permits, securities asset management business with the eligibility conditions for securities companies to apply for the establishment of special plans, issuance of asset-backed securities, asset securitization of our country will restart.
Asset securitization refers to the sponsor will be securitized assets transferred to a special purpose vehicle, and the composition of the asset pool, and its cash flow from the basic design and open a variety of securities issued by SPV, the sale of securities revenue reimbursement sponsors of the transfer price of assets, assets that generate cash flow settlement of securities held by investors' rights. In addition, the credit rating and enhancement agencies rating and enhancement for asset securitization, securities underwriters for bond underwriting, affiliated institutions provide convenience to provide other services. The transfer of assets is one of the most important link in the securitization transaction structure, specifically refers to the sponsor (the original rights of people) will transfer the basis of asset securitization to SPV, asset securitization mainly through the transfer of assets risk isolation can be achieved with the sponsors, especially the risk of bankruptcy, determines the assets Securitization success is the key difference between asset securitization and other traditional financing mode, so the research of legal issues related to this part of the transfer of assets in the asset securitization is necessary. In this paper, the overall idea is: theoretical basis, existing system analysis, empirical analysis, system comparison enlightenment and reference, and finally put forward advice. The paper is divided into five chapters, the main contents of each chapter are as follows:
The second chapter introduces the legal system of the transfer of assets, asset securitization in the United States as the world's oldest state asset transfer system must have its merits, but the outbreak of the financial crisis has exposed many problems, so it is necessary to analyze it. This chapter combined with the asset securitization legislation and judicial in practice, analyzes the two main ways, transfer notice, legal standard and the risk identification of true sale, in the analysis of standard of true sale, separately from the accounting law, bankruptcy law and judicial precedent analysis of three aspects. If the sponsor the transfer of assets to SPY, can not realize the true sale, you may suffer a revocable risk, mixed risk and recharacterisation risk, some suggestions on how to prevent the risk of proposed, finally attempts to seek the American system enlightenment and reference suggestions to improve assets The system of transfer and registration is used to define the criteria for determining the transfer of assets.
The third chapter focuses on the analysis of asset securitization in China's asset transfer system and the specific legal issues, the analysis of our current asset securitization asset transfer reasons for choosing the way of trust, first of all, the independence of trust property, the trustee is not affected, the trustee in bankruptcy, asset securitization and risk isolation requirements. Meet. Second, from the tax point of view, the trust tax burden is relatively low, to avoid double taxation, can reduce the cost of securitization, the trust model has great advantages in terms of tax, which is a very important reason for the trust mode. Third using the trust model of the formation of SPT can save the cost greatly, this also in line with the asset securitization pursuit of low cost, only the asset-backed securities have cost advantage, will have more value delivered to investors. Finally, in favor of Asset Securitization The protection of the interests of the parties of the transaction, in trust system, client trust property, and trust property from the relationship between the principal and the beneficiary of limited liability, are limited to the trust property trust limited liability. This is conducive to the protection of assets securitization parties. Through the analysis of our existing institutional framework no, found that the current asset securitization legislation, the relevant provisions are contained in the trust law, accounting law and judicial interpretation and regulations, provisions for the transfer of assets there are many loopholes in the United States, the defects of statute law in judicial practice by determining the rules to make up for the specific case, however, the asset securitization operation in China was not mature, the securitization of demand is very urgent, the relevant provisions of asset transfers are relatively vague, suggest that early introduction of asset securitization law Regulations should be used to improve the legal basis of the transfer of assets and to clarify the criteria for determining the transfer of assets.
In the fourth chapter "Jianyuan 2005-01" as an example of China's asset securitization pilot analysis, focuses on the background of asset securitization, and the status of the transaction structure, analysis of legal issues of China's specific transfer of assets in practice, discusses the beneficial right of the trust can transfer to China Trust property transfer and publicity analyzed in the standard analysis on China's transfer of assets identified, found that the lack of clear legal standards in our country, legislation should be improved. Finally, discussed the influence of trust assets improper transfer effectiveness.
The fifth chapter based on the analysis of the system and the practice of the above, put forward suggestions to solve the problem, including a sound legal basis for the transfer of assets, play a positive role in SPV, from the transfer of assets, asset transfer prices, control of the promoters enjoy, SPV recourse, recourse as promoters of strict recognition the transfer of assets.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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