资产证券化风险隔离法律机制研究

发布时间：2018-05-26 01:43

本文选题：资产证券化 + 风险隔离机制　；参考：《东北财经大学》2013年硕士论文

【摘要】：资产证券化在二十世纪七十年代初出现在美国,最早主要为住房抵押贷款的证券化,继而在全球范围内得到了普遍的认同和迅速发展。在之后的发展过程中,资产证券化品种也从最原始的住房抵押贷款,发展到包括一系列的消费贷款、基础设施收费等,从有形资产扩展到无形的知识产权方面。资产证券化的规模也不断扩展,不仅所占市场份额不断攀升,而且越来越成为全球范围内最有效最直接的融资方式。伴随经济金融一体化趋势的加强,资产证券化对于经济生活领域的影响日益加大。资产证券化对于扩大我国中小企业融资渠道,分散风险提高资产流动性,改善我国金融结构等具有重要的实践意义。然而正如大多数的金融衍生产品一样,资产证券化也是有利弊之分的。美国次贷危机的爆发,也证明了这一点。据估计,此次危机对包括银行、券商、对冲基金和政府支持的企业在内的美国借贷机构,损失大约4600亿美元。全球金融市场面临着更大的风险和更加恶化的证券化市场环境,严重削弱了市场参与者的积极性。而作为资产证券化核心的风险隔离机制,关键就在于隔离各种风险,是针对资产证券化的各种弊端通过结构化设计和重组而采取一系列补救措施,从而降低市场风险,保护投资者的利益。目前已经存在了许多规范资产证券化的立法文件,从而使风险隔离机制获得了法律依据和理论支撑。但不容忽视的是,与此同时我国也存在着相当多的法律问题亟待解决,最突出的表现为与现行法律法规相冲突和法律上的空白。因此研究资产证券化风险隔离法律机制已经成为不可回避的重要课题。本文结合我国资产证券化的实践,采用了理论分析法、文献研究法以及比较研究法等方法,在比较和借鉴国际社会有关风险隔离法律机制构建立法实践的基础上,努力发掘本土法律资源,发现我国资产证券化风险隔离法律机制中存在的一系列问题,并提出针对性建议。第一部分是对资产证券化以及风险隔离法律机制的理论方面予以阐述,首先从资产证券化的概念入手,阐述资产证券化的基本流程,其二,在风险隔离法律机制基本理论阐述的基础上,指出风险隔离机制存在的必要性。第三,提出风险隔离法律机制构建的核心理论,包括“真实销售”的理论研究和特殊目的载体SPV法律模式的理论研究两方面。第二部分是分别对英美法系国家美国、英国以及大陆法系国家日本、我国台湾地区在资产证券化风险隔离法律机制方面的构建加以介绍,并阐述了对我国在资产证券化过程中的启示。第三部分主要是基于对我国资产证券化的实践予以阐述,分析我国在资产证券化的SPV法律模式构建和真实销售两个主要方面中存在的问题：两种特殊目的载体SPV在构建过程中的能力和资格问题,资产如何在发起人和特殊目的载体之间实现真实销售的问题,风险隔离过程中存在的欺诈和债务人隐私保护的问题以及法律法规缺失四大方面,逐一针对各个问题进行了详尽的分析。第四部分主要是基于我国资产证券化风险隔离法律机制构建过程中存在的问题,首先明确我国在构建风险隔离机制中应遵循的两个原则,并针对存在的具体问题提出完善我国风险隔离法律机制的具体解决建议,指出我国资产证券化风险隔离机制的构建亟需理论上的重新修正以及法律层面的改造。本文的创新在于从资产证券化风险隔离的角度研究其在我国金融领域的重要作用,在比较和借鉴外国相关法律制度和实践的基础上,针对实践中存在的问题,为我国的资产证券化监督立法提供参考意见。然而,鉴于本人能力有限,且资产证券化既有法律规制以及新形势下法律革新远远没有结束,文中还有诸多不足之处,例如对国外经验的研究还不够详尽、相关的完善建议不够成熟等,因此资产证券化风险隔离法律机制需要更进一步宏伟的前瞻构想,任重而道远。
[Abstract]:In the early 1970s, asset securitization, which appeared in the United States at the beginning of the 1970s, was primarily the securitization of housing mortgage loans, and then gained universal recognition and rapid development around the world. In the subsequent development process, asset securitization also developed from the most primitive housing mortgage loans to a series of consumer loans. The scale of the asset securitization is expanding from the tangible assets to the intangible intellectual property. The market share is not only rising, but also the most effective and direct financing way in the world. With the strengthening of the trend of economic and financial integration, the asset securitization is for economic life. The impact of the field is increasing.
Asset securitization has important practical significance for expanding the financing channels of small and medium-sized enterprises in China, dispersing risks and improving the liquidity of assets and improving the financial structure of our country. However, as most of the financial derivatives, asset securitization also has advantages and disadvantages. The outbreak of the American subprime crisis has also proved this. It is estimated that this is the same. The sub crisis has lost about $460 billion in American lending institutions, including banks, securities firms, hedge funds and government backed enterprises. The global financial market faces greater risks and a worsening securitization market environment, which seriously undermines the enthusiasm of market participants. As a risk isolation mechanism at the core of asset securitization, The key is to isolate all kinds of risks and take a series of remedial measures to reduce the market risk and protect the interests of investors through structural design and restructuring for various malpractices of asset securitization, thus reducing the market risk and protecting the interests of investors. However, it can not be ignored that at the same time, there are quite a lot of legal problems to be solved in our country. The most prominent manifestation is the conflict with the current laws and regulations and the blank of the law. Therefore, it has become an important issue to study the legal mechanism of the risk isolation of asset securitization.
This paper, based on the practice of asset securitization in China, adopts the methods of theoretical analysis, literature research and comparative study. On the basis of comparing and drawing lessons from the legislative practice of risk isolation legal mechanism in the international community, we try to discover the local legal resources and find the existence of the legal mechanism of the risk isolation of China's asset securitization. A series of questions and suggestions.
The first part is to explain the theory of asset securitization and the legal mechanism of risk isolation. First, starting with the concept of asset securitization, the basic process of asset securitization is expounded. Secondly, on the basis of the basic theory of the risk isolation legal mechanism, the necessity of the existence of the risk isolation mechanism is pointed out. Third, the risk separation is put forward. The core theory of the construction of legal mechanism includes two aspects: the theoretical research of "real sale" and the theoretical study of the legal model of special purpose vehicle SPV.
The second part is an introduction to the construction of the legal mechanism of the risk isolation of asset securitization in the United States, the United Kingdom and the civil law countries, Japan and the civil law countries, Japan, and the Taiwan region of China, and the enlightenment to the process of asset securitization in China.
The third part is mainly based on the practice of asset securitization in China, and analyzes the problems in the two main aspects of the SPV legal model construction and real sales of Asset Securitization: the ability and qualification of the two special purpose carrier SPV in the construction process, and how the assets are in the initiator and the special purpose carrier. The problem of real sales, the problems of fraud and the privacy protection of the debtor in the process of risk isolation, and the absence of laws and regulations in four aspects, are analyzed in detail.
The fourth part is mainly based on the existing problems in the construction of the legal mechanism of the risk isolation of asset securitization in China. First, we should clear the two principles that China should follow in the construction of the risk isolation mechanism, and put forward the concrete solutions to improve our country's risk isolation legal mechanism and point out the securitization of our country. The construction of risk isolation mechanism needs theoretical revision and legal reform.
The innovation of this paper is to study the important role of the asset securitization in the field of China's financial field. On the basis of comparison and reference to foreign relevant legal systems and practices, in view of the problems existing in the practice, it provides a reference for our country's legislation on the supervision of Asset Securitization. There are not only legal regulations and legal innovations under the new situation, but there are still many shortcomings in this paper. For example, the research on foreign experience is not detailed enough, and the relevant suggestions are not mature enough. Therefore, the legal mechanism of asset securitization risk isolation needs further grandiose prospective conception, and a long way to go.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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