企业资产证券化法律制度研究

发布时间：2018-05-21 00:21

本文选题：企业资产证券化 + 基础资产　；参考：《复旦大学》2013年硕士论文

【摘要】：资产证券化从上世纪七十年代被发明开始,迅速在世界各国发展起来,成为重要的融资工具。企业资产证券化是在银行信贷资产证券化技术发展到一定阶段的产物。企业资产证券化盘活了企业的固定资产,缓解了企业的融资困难,并能通过结构化技术和分层技术降低融资成本,丰富证券品种,繁荣证券市场,从而促进经济的增长。本文对如何构建企业资产证券化法律制度进行研究,抓住企业资产证券化的基础资产、特殊目的载体、资产转让和风险控制这几个关键要素,结合经济学和会计学知识,对企业资产证券化法律制度进行较为全面的分析,并结合国外的经验和我国的实际,对我国构建企业资产证券化法律制度提出立法建议。同时,本文就美国次贷危机中暴露出的资产证券化问题进行及时的分析,提出建议,希望及时采纳进去企业资产证券化的法律制度之中。全文分为五章：第一章是企业资产证券化的概述,为下文展开企业资产证券化制度建设论述做铺垫。首先,运用历史研究的方法,介绍了企业资产证券化的概念,然后从原始权益人、投资人和社会整体经济三个角度讲述了需要推动企业资产证券化的原因,随后介绍了企业资产证券化的主要参与主体和一般交易结构。最后,对企业资产证券化目前在我国的试点和立法情况进行了说明。第二章对企业资产证券化的基础资产进行分析。首先结合经济学和会计学的知识,对基础资产的本质进行了深入的探讨,指出其可能的四种法律属性——物权、债权、知识产权和未来权利,然后对每个资产种类逐一进行仔细说明和分析。随后,指出基础资产必需的可转让性,为之后的资产转让做铺垫。最后,结合我国的具体情况,提出立法建议。第三章分析企业资产证券化结构中形式上的核心——特殊目的载体,从设立特殊目的载体的目的及其应当具备的法律特征入手,指出了国际上常见的资产证券化特殊目的载体的组织形式,然后对我国特有的专项资产管理计划模式做了探讨,提出了改进建议。第四章分析企业资产证券化的重要步骤——资产转让,指出为了实现与原始权益人的破产隔离,资产转让应当达到“真实出售”的标准。随后,根据美国的经验指出“真实出售”的认定标准。转让协议中的定价机制、追索权设置、资产管理权、资金使用权、取回权等,这些可能导致“真实出售”被认定是融资担保；对资产的不公平定价以及出让人和受让人混同,这些因素可能导致“真实出售”被法院撤销或认定无效。随后,针对上述因素,结合我国的现实情况,提出了适合我国国情的立法建议。第五章总结了美国次贷危机以后,资产证券化暴露出的系统性风险。基础资产的质量得不到有效控制,原始权益人、资产管理人、中介机构都存在道德风险,投资人也不履行谨慎投资的义务,而是过于依赖信用评级机构,最终导致投资人承担了大量的风险。加上监管松散,风险很快转化为损失。一旦损失大量爆发,就会使投资者丧失信心,引发市场恐慌,进而造成金融危机,例如美国2008年的金融危机。因此,美国次贷危机启示我们,应当尽可能在法律制度设计之时,考虑各方的利益驱动,通过法律规制的方法,使得各方的利益一致化。
[Abstract]:The securitization of assets, which was invented in the 70s of last century, has developed rapidly in all countries of the world and became an important financing tool. The securitization of enterprise assets is the product of the development of bank credit asset securitization. Through structured technology and layered technology, we can reduce the cost of financing, enrich the variety of securities, and flourish the stock market, thus promoting economic growth.
This paper studies how to construct the legal system of the enterprise asset securitization, grasp the key elements of the basic assets of the enterprise asset securitization, the special purpose carrier, the asset transfer and the risk control, and combine the economics and accounting knowledge to make a more comprehensive analysis of the legal system of the enterprise asset securitization, and combine the foreign classics. According to the reality of our country, we put forward legislative proposals for the construction of the legal system of enterprise asset securitization in our country. At the same time, this paper makes a timely analysis on the problem of asset securitization exposed in the United States subprime mortgage crisis, and puts forward some suggestions, hoping to adopt the legal system of the enterprise asset securitization in time.
The full text is divided into five chapters.
The first chapter is the summary of the enterprise asset securitization, which paves the way for the discussion of the system construction of the enterprise asset securitization below. First, the concept of the enterprise asset securitization is introduced with the method of historical research. Then, the original equity holder, the investor and the social overall economy are three points of view that the enterprise asset securitization needs to be promoted. After that, the main participants and the general trading structure of the enterprise asset securitization are introduced. Finally, the pilot and legislative situation of the enterprise asset securitization in China are explained.
The second chapter analyzes the basic assets of the enterprise asset securitization. First, the essence of the basic assets is deeply discussed in combination with the knowledge of economics and accounting, and the possible four kinds of legal attributes - real right, creditor's right, intellectual property and future rights are pointed out, and then each type of asset is carefully explained and analyzed. Then, it points out that the basic assets must be transferable, laying the groundwork for the subsequent transfer of assets. Finally, combined with the specific circumstances of China, it puts forward legislative proposals.
The third chapter analyzes the core of the form of the enterprise asset securitization, the special purpose carrier, starts with the purpose of setting up the special purpose carrier and the legal characteristics that should be possessed, and points out the organization form of the special purpose carrier of the common asset securitization in the world, and then does the special management plan mode of the special assets in our country. A discussion is made and suggestions for improvement are put forward.
The fourth chapter analyzes the important step of the asset securitization of enterprises - asset transfer, pointing out that in order to achieve the bankruptcy isolation of the original equity holders, the transfer of assets should reach the standard of "real sale". Then, according to the experience of the United States, it points out the standard of "real sale". The pricing mechanism, the right to recourse, the asset management in the transfer agreement. The right to use, the right to use the funds, the right to return, which may lead to the "real sale" is identified as a financing guarantee; the unfair pricing of the assets and the confuse of the transferor and the assignee may lead to the "real sale" by the court to be revoked or invalid. Then, the above factors, combined with the reality of our country, have been put forward. Legislative proposals to meet the national conditions of our country.
The fifth chapter summarizes the systemic risk exposed by asset securitization after the American subprime mortgage crisis. The quality of the basic assets can not be effectively controlled. The original equity, asset managers, intermediaries all have moral risks, and the investors do not fulfill the obligation of prudent investment, but they are too dependent on credit rating agencies, and ultimately lead to investors' commitments. A large amount of risk, coupled with loose supervision, is quickly transformed into a loss. Once a large number of losses erupts, investors lose their confidence and cause market panic, causing the financial crisis, such as the financial crisis in the United States in 2008. Therefore, the American subprime crisis should inspire us to consider the parties as much as possible when the legal system is designed. The interests drive the interests of all parties to be consistent through legal regulation.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D923;D922.287

【参考文献】