资产证券化中基础资产转让的法律问题研究

发布时间：2018-03-17 21:19

本文选题：资产证券化　切入点：债权转让　出处：《华东政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：资产证券化是上世纪七十年代发源于美国的一种新型的结构融资工具。得益于其在融资与信用方面的创新，这一新型的融资工具在全球迅速传播开来，资产支持证券也成为各发达国家金融市场中重要的金融产品。本文以美国资产证券化的相关制度为核心，利用法学及实证分析的方法对资产证券化中基础资产转让的法律问题进行研究，旁征博引，探讨相关制度在我国的建立与适用。全文共五个部分，主要内容如下：第一章阐述了资产证券化的相关概念。通过有关定义的引用，明确了资产证券化的两大基本特征：首先，基础资产与其原持有人的风险隔离；其次，以基础资产产生的现金流支持相关证券的偿付。同时从经济学的角度介绍了资产证券化对一国的影响。最后通过图表的形式描述了资产证券化的交易结构与各参与主体之间的权利义务。第二章涉及基础资产转让的法律问题。其一，通过对信托法律关系的介绍，阐明了信托制度与基础资产风险隔离要求的契合。其二，研究了债权转让的相关问题，主要分为法定禁止转让与约定禁止转让两方面，并在其中着重探讨了当事人意思自治与社会资源最优分配的冲突与权衡。第三章阐述了基础资产风险隔离的传统标准——真实销售。首先揭示了资产证券化实践操作与法律监管上有关各主体风险负担的矛盾。其次介绍了重新定性对基础资产转让的影响。最后分析了美国司法实践中对真实销售的认定标准以及其在实践中暴露出的缺陷。第四章阐述了美国破产法中相关制度对基础资产风险隔离的影响。首先从联邦法与州法两个层面介绍了美国“欺诈性转让”制度的适用标准；其次，引入了实体合并制度的介绍，并着重分析了美国七要素法及其在实践中的意义。第五章主要介绍了我国资产证券化的发展现状。首先回顾了从上世纪九十年代开始至今的理论研究成果及证券化试点阶段的相关经验，，介绍了我国现行资产证券化实践中二元并行的局面，分析相关的交易结构与参与各方的法律地位。其次，介绍了我国目前真实销售的判断标准，并从实证的角度出发分析了试点阶段的证券化项目中暴露出来的一系列问题。最后以我国破产法为视角，研究“欺诈性转让”制度的法律基础与适用情况。
[Abstract]:Asset securitization is a new type of structured financing tool that originated in the United States in -30s. Thanks to its innovation in financing and credit, this new type of financing tool has spread rapidly all over the world. Asset-backed securities have also become important financial products in the financial markets of developed countries. By using the method of law and empirical analysis, this paper studies the legal problems of the transfer of basic assets in asset securitization, and discusses the establishment and application of relevant systems in China. There are five parts in this paper, the main contents are as follows:. The first chapter describes the related concepts of asset securitization. Through the reference of relevant definitions, it clarifies the two basic characteristics of asset securitization: first, the risk isolation between the underlying asset and its original holder; secondly, At the same time, the paper introduces the influence of asset securitization on a country from the angle of economics. Finally, it describes the transaction structure and parameters of asset securitization in the form of chart. Rights and obligations with the subject. The second chapter deals with the legal issues of the transfer of basic assets. Firstly, through the introduction of the legal relationship of trust, it clarifies the agreement between the trust system and the risk isolation requirements of basic assets. It is mainly divided into two aspects: the statutory prohibition of transfer and the agreed prohibition of transfer, in which the conflicts and trade-offs between party autonomy and the optimal allocation of social resources are emphatically discussed. The third chapter expounds the traditional criterion of risk isolation of basic assets-real sale. Firstly, it reveals the contradiction between the practical operation of asset securitization and the legal supervision on the risk burden of each subject. Secondly, it introduces the recharacterization of the basis. In the end, the author analyzes the recognition standard of real sales in American judicial practice and its defects in practice. Chapter 4th expounds the influence of the relevant systems in the American bankruptcy law on the risk isolation of basic assets. Firstly, it introduces the applicable standards of the "fraudulent transfer" system in the United States from the two aspects of federal law and state law. This paper introduces the system of entity merger, and emphatically analyzes the seven elements law of America and its significance in practice. Chapter 5th mainly introduces the current situation of asset securitization in China. Firstly, it reviews the theoretical research results from -10s to now and the relevant experience in the pilot stage of securitization. This paper introduces the dual parallel situation in the practice of asset securitization in our country, analyzes the related transaction structure and the legal status of the parties involved. Secondly, it introduces the judging standard of the real sale in our country at present. And from the perspective of empirical analysis of the pilot stage of securitization projects exposed a series of problems. Finally, from the perspective of China's bankruptcy law, the legal basis and application of the system of "fraudulent transfer" are studied.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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