资产证券化中风险隔离机制的法律问题研究

发布时间：2018-06-05 21:43

本文选题：资产证券化 + 风险隔离　；参考：《华东政法大学》2013年硕士论文

【摘要】：资产证券化作为一种与传统融资方式相比更有效率的融资方式，自其1970年在美国出现以来就逐渐发展繁荣，中国的资产证券化也已经积累了一定的实践经验。在资产证券化中，安全性的设计是资产证券化制度的核心内容，为了提高资产证券化交易的稳定性，保护投资者的利益，风险隔离制度在资产证券化制度设计中显得尤为重要。论文主要分为三个部分：第一部分：主要从资产证券化的一般概念入手，叙述了资产证券化的一般流程并总结了资产证券化的基本要素。在对资产证券化基本要素的叙述中，突出风险隔离制度的作用。在对资产证券化做概括性介绍的基础上，展开介绍了风险隔离机制的作用，即隔离发起人的破产风险和使SPV远离其自身的破产风险。为第二章的论述做好铺垫。第二部分：这一部分是论文的主体部分。主要结合了美国的司法实践，从风险隔离制度的两方面主要作用出发，分别叙述了相关的法律问题。与隔离发起人破产风险相关的法律问题主要包括SPV形式的适当选择、资产转移的方式、真实销售的认定标准、欺诈性转移和优待性转移的认定等。与使SPV远离其自身的破产风险相关的法律问题主要围绕SPV本身的治理条款和经营限制条款的设计及其风险隔离效力展开，包括对SPV经营范围和负债限制的讨论、破产放弃条款有效性的问题、独立董事的设置及其对SPV破产风险防范的作用等。另外，除了对风险隔离机制构建本身的法律问题进行讨论外，该部分还对“实质合并”和最新的“公司家族”理论做了介绍和分析，这两者是当下风险隔离机制构建可能面临的挑战。第三部分：这一部分在上文对风险隔离制度的法律问题进行分析的基础上，结合中国在风险隔离机制构建方面的法律规定，，对现有的法律规定进行了归纳和评价，并尝试对现有法律规制提出了一些完善意见。
[Abstract]:Asset securitization, as a more efficient financing method compared with traditional financing methods, has developed and flourished since its emergence in the United States in 1970. China's asset securitization has also accumulated some practical experience. In asset securitization, the design of security is the core content of asset securitization system. In order to improve the stability of asset securitization transactions and protect the interests of investors, the risk isolation system is particularly important in the design of asset securitization system. The thesis is divided into three parts: The first part: starting with the general concept of asset securitization, it describes the general process of asset securitization and summarizes the basic elements of asset securitization. In the description of the basic elements of asset securitization, the role of risk isolation system is highlighted. Based on the general introduction of asset securitization, this paper introduces the function of risk isolation mechanism, that is, isolating the bankruptcy risk of the initiator and keeping SPV away from its own bankruptcy risk. For the second chapter of the discussion to do a good job. The second part: this part is the main part of the thesis. Combining the judicial practice of the United States, this paper describes the relevant legal issues from the two main roles of the risk isolation system. The legal problems related to the isolation of the sponsors' bankruptcy risk mainly include the proper choice of SPV form, the way of asset transfer, the identification standard of real sales, the identification of fraudulent transfer and preferential transfer, and so on. The legal problems related to keeping SPV away from its own bankruptcy risk mainly revolve around the design of SPV's own governance clause and operating restriction clause and the effectiveness of risk isolation, including the discussion of SPV's scope of business and limitation of liabilities. The validity of bankruptcy waiver clause, the establishment of independent director and its effect on SPV bankruptcy risk prevention, etc. In addition, in addition to discussing the legal issues of the construction of the risk isolation mechanism itself, this part also introduces and analyzes the "substantial merger" and the latest "company family" theory. These two are the current risk isolation mechanism construction may face the challenge. Part three: on the basis of the analysis of the legal problems of the risk isolation system above, this part sums up and evaluates the existing legal provisions in combination with the legal provisions on the construction of the risk isolation mechanism in China. And tries to put forward some perfect suggestions to the existing legal regulation.
【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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