论我国信贷资产证券化信息披露制度的完善

发布时间：2018-05-23 13:58

本文选题：资产证券化 + 信息披露　；参考：《天津财经大学》2013年硕士论文

【摘要】：随着2007年美国次贷危机在全球的蔓延,资产证券化在发行与交易过程中的种种弊端被突显出来,复杂的结构设计掩盖了原始资产中隐藏的风险,而信息披露法律制度中存在的缺陷又使得投资者放松了应有的警觉,最终造成了极大的损失。美国次贷危机的根源在于其监管当局对资产证券化的监管不力,最直接的表现就在于信息披露的不充分、不及时。此次全球性的金融危机之后我国也曾向市场投放过数万亿的救市资金,这些新增贷款中势必会存在部分无法收回的坏账,如果让银行对这部分风险全额买单,是不公平的,也会对银行自身造成一定的冲击,进而影响到整个资本市场的稳定,所以我国的商业银行有进行信贷资产证券化的需要。那么为了防止在我国的信贷资产证券化进程中重蹈美次贷危机的覆辙,有必要充分考虑到造成次贷危机的真正原因--透明度问题,并想方设法的进行克服,全面审视我国现行有关信息披露制度的法律法规在信贷资产证券化领域特别规定的情况,对不足之处加以完善与补充。金融创新始终有金融监管伴其左右,监管并不会拦阻创新的脚步,而是为了鞭策其向正确的方向发展。信贷资产证券化信息披露制度的核心环节在于对原始资产相关信息的揭示是否及时充分,相关信息披露义务主体能否排除道德风险恪尽职责履行自身的信息披露义务,监管当局在事前立法保护、事中行使监管职权以及事后的侵权救济方面是否存在缺陷等问题,对此可以借鉴国际先进立法实践经验进行规定。资产证券化是一项横跨金融、会计、法律等学科的新型融资方式,所以在制定相关法律政策时,应综合考虑各领域理论知识,从不同层次加以分析整合,形成完整的信息披露制度的监管框架,立体式全方位的保护金融消费者的合法权益,促进资产证券化市场的稳健发展。本文采用案例分析、历史分析法以及文献分析法从美国次贷危机出发,梳理美国与巴塞尔委员会有关信贷资产证券化信息披露制度的发展历程,厘清我国信贷资产证券化信息披露制度的现状与未来发展的方向。本文结合会计学知识,从宏观与微观两个角度全面揭示资产证券化过程中如何进行有效的信息披露,以保证投资者利益与资本市场的健康有序发展。
[Abstract]:With the spread of the subprime mortgage crisis in the United States in 2007, the drawbacks of asset securitization in the process of issuing and trading have been highlighted, and the complex structural design has concealed the hidden risks in the original assets. However, the defects in the legal system of information disclosure make investors relax their due vigilance and cause great losses. The root of the subprime mortgage crisis in the United States lies in the weak supervision of asset securitization by its regulatory authorities, the most direct manifestation of which lies in the inadequate and untimely disclosure of information. After the global financial crisis, China has also put trillions of dollars of rescue funds into the market. There will inevitably be some uncollectible bad loans in these new loans. It would be unfair to let banks pay the full price of this part of the risk. It will also have a certain impact on the banks themselves, thus affecting the stability of the entire capital market, so commercial banks in China need to carry out securitization of credit assets. Well, in order to prevent China's credit asset securitization process from repeating the mistakes of the US subprime mortgage crisis, it is necessary to fully consider the real cause of the sub-prime mortgage crisis-transparency, and try its best to overcome it. A comprehensive review of the current laws and regulations on information disclosure system in China in the field of credit asset securitization special provisions to improve and supplement the deficiencies. Financial innovation has always been accompanied by financial supervision, supervision will not stop the pace of innovation, but to spur its development in the right direction. The key link of credit asset securitization information disclosure system lies in whether the disclosure of original assets related information is timely and sufficient, whether the subject of relevant information disclosure obligation can eliminate moral hazard and fulfill its own information disclosure obligation. There are some problems such as the protection of legislation in advance, the exercise of supervision authority and whether there are defects in tort relief after the event, which can be regulated by reference to the international advanced legislative practice experience. Asset securitization is a new type of financing method that straddles finance, accounting, law and other disciplines. Therefore, when formulating relevant legal policies, we should consider the theoretical knowledge in various fields and analyze and integrate it from different levels. To form a complete regulatory framework of information disclosure system, to protect the legitimate rights and interests of financial consumers in all directions, and to promote the steady development of asset securitization market. This paper uses case analysis, historical analysis and literature analysis to sort out the development of credit asset securitization information disclosure system between the United States and the Basel Committee from the sub-prime mortgage crisis in the United States. To clarify the current situation and future development of information disclosure system of credit asset securitization in China. Combined with accounting knowledge, this paper comprehensively reveals how to make effective information disclosure in the process of asset securitization from macro and micro perspectives, so as to ensure the healthy and orderly development of investors' interests and capital market.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.282

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