本文關(guān)鍵詞： 資產(chǎn)證券化 特殊目的載體 基礎(chǔ)資產(chǎn) 破產(chǎn)隔離 真實(shí)出售　出處：《河北大學(xué)》2011年碩士論文　論文類型：學(xué)位論文

【摘要】：資產(chǎn)證券化是二十世紀(jì)七十年代起源于美國(guó)的一種金融創(chuàng)新工具。因其交易結(jié)構(gòu)獨(dú)特,而成為一種發(fā)展最為迅速的融資方式。它通過(guò)轉(zhuǎn)讓債權(quán)變現(xiàn)現(xiàn)金的方式,把應(yīng)收款出售給特殊目的機(jī)構(gòu)并由其轉(zhuǎn)化成可自由流通的證券,進(jìn)而把金融機(jī)構(gòu)、公司和資本市場(chǎng)有機(jī)地連為一體,使許多公司參與到資本市場(chǎng)中來(lái),帶動(dòng)了經(jīng)濟(jì)的迅猛發(fā)展。 中國(guó)推行資產(chǎn)證券化意義重大。在當(dāng)前雖然我國(guó)經(jīng)濟(jì)的發(fā)展取得突破性的進(jìn)步,但資本市場(chǎng)確實(shí)發(fā)展滯后,金融投資產(chǎn)品種類的有限性是導(dǎo)致這一現(xiàn)象的主要原因。因此金融創(chuàng)新工具的研究與利用對(duì)中國(guó)經(jīng)濟(jì)的長(zhǎng)遠(yuǎn)發(fā)展有著重要的意義。從美國(guó)和其他國(guó)家的資產(chǎn)證券化發(fā)展經(jīng)驗(yàn)可以得出,資產(chǎn)證券化有利于投融資體制改革;有利于盤活存量資產(chǎn)有,利于防范和化解金融風(fēng)險(xiǎn);有利于企業(yè)開辟新的融資渠道;有利于提高金融體系的完備性。但是由于資產(chǎn)證券化涉及到原始權(quán)益人、原始債務(wù)人、信用增級(jí)機(jī)構(gòu)、信用評(píng)級(jí)機(jī)構(gòu)、服務(wù)商、投資銀行等多個(gè)主體的參與,這些主體的設(shè)立、執(zhí)業(yè)能力、信用基礎(chǔ)等都需要在法律上進(jìn)行約束和規(guī)范,并且在資產(chǎn)證券化的運(yùn)作過(guò)程中,不同主體之間的權(quán)利、義務(wù)關(guān)系也離不開法律制度的規(guī)范和保障。因此法律應(yīng)與市場(chǎng)配套發(fā)展并為其提供保障。 在美國(guó),資產(chǎn)證券化的理論與實(shí)踐的發(fā)展都非常成熟,反之,中國(guó)對(duì)資產(chǎn)證券化的理論研究與實(shí)務(wù)操作還比較落后。盡管在2005年,中國(guó)人民銀行和銀監(jiān)會(huì)發(fā)布了《信貸資產(chǎn)證券化試點(diǎn)管理辦法》,之后《金融機(jī)構(gòu)信貸資產(chǎn)證券化試點(diǎn)監(jiān)督管理辦法》、《資產(chǎn)支持證券信息披露規(guī)則》等一系列法規(guī)的出臺(tái),同《公司法》、《證券法》一起,為我國(guó)資產(chǎn)證券化的推行提供了法律保障。但我國(guó)金融資產(chǎn)證券化依然面臨著諸多的法律障礙和法律制度的缺失。由于歷史文化、法律傳統(tǒng)的不同,這一生成于資本主義國(guó)家的金融創(chuàng)新工具在移植到我國(guó)的過(guò)程中,必然會(huì)存在與我國(guó)的法律環(huán)境相互矛盾的問(wèn)題。 正文主要是從投資者的角度出發(fā),在分析資產(chǎn)證券化法律制度的基礎(chǔ)上,重點(diǎn)論述資產(chǎn)證券化中投資人面臨的風(fēng)險(xiǎn)和保護(hù)投資者的制度設(shè)計(jì)。同時(shí)運(yùn)用比較的方法,分析中國(guó)目前相關(guān)法律制度的缺失和不健全對(duì)于資產(chǎn)證券化在中國(guó)發(fā)展的困境;并試圖在提出問(wèn)題、分析問(wèn)題的基礎(chǔ)上,尋找一條符合中國(guó)國(guó)情的道路。 全文共分為三章。第一章簡(jiǎn)要說(shuō)明了資產(chǎn)證券化的法律含義,分析了可證券化資產(chǎn)的法律特點(diǎn),介紹了資產(chǎn)證券化的主要交易結(jié)構(gòu)。 第二章從與傳統(tǒng)融資方式比較的角度出發(fā),概括分析了資產(chǎn)證券化的一般投資風(fēng)險(xiǎn)和特殊投資風(fēng)險(xiǎn)。 第三章重點(diǎn)分析了資產(chǎn)證券化法律制度的完善設(shè)計(jì),并闡釋這些制度如何最大限度地保護(hù)投資者的投資安全,體現(xiàn)資產(chǎn)證券化的安全價(jià)值。并提出相關(guān)立法建議,提出金融創(chuàng)新中所流動(dòng)的法律關(guān)系應(yīng)從固有的概念體系中解放出來(lái),形成具有高度技術(shù)性和專門性的獨(dú)立規(guī)范群。
[Abstract]:Asset securitization is a financial innovation tool in 1970s originated in the United States. Because of its unique transaction structure, and rapidly became a way of financing for the development of it. Through the transfer of creditor cash cash, the sale of receivables to a special purpose vehicle which can be converted into the free circulation of securities, then the financial organic institutions, companies and capital markets, even as a whole, so many companies involved in capital market, driven by the rapid development of the economy.
Chinese asset securitization is significant. Although in the current development of China's economy has made breakthrough progress, but the capital market is lagging behind the development of Financial Investment Co., the types of products is the main cause of this phenomenon. So the study of financial innovation tools and the long-term development of Chinese economy has important significance the experience of the development of asset securitization. From the United States and other countries can be drawn, asset securitization is conducive to the reform of the investment and financing system; conducive to revitalize the stock of assets, to prevent and defuse financial risks; help enterprises to open up new financing channels; is conducive to improve the completeness of the financial system. But because of the asset securitization to the original the rights and interests of people, the original debtor, credit enhancement, credit rating agencies, service providers, investment banks and other subjects involved, set up these subjects' ability to practice, Credit foundation and so on all need to be restrained and regulated in law. In the operation of asset securitization, the relationship between rights and obligations of different subjects is also inseparable from the regulation and guarantee of legal system. Therefore, law should be matched with the market and provide guarantee for it.
In the United States, the development of the theory and practice of asset securitization are very mature, on the other hand, Chinese on asset securitization theory research and practice operation is still relatively backward. In 2005, the people's Bank of China and CBRC issued the "credit asset securitization pilot management approach", "financial institutions after the securitization of credit assets supervision and management measures", "asset backed securities information disclosure rules and a series of regulations, with" company law "," Securities Law ", provides legal guarantee for the implementation of asset securitization in our country. But the financial asset securitization in our country is still facing the lack of many legal obstacles and legal system because of history and culture, the different legal traditions, financial innovation tools in this life in the capitalist countries in the transplant process of China's legal environment, will inevitably exist in China and contradictory problems.
The text is mainly from the perspective of investors, based on analyzing the legal system of securitization assets, investors face emphasis on asset securitization risk and investor protection system design. At the same time, using the method of comparison, the current China deletion analysis of the relevant legal system is not perfect and the asset securitization in China development dilemma; and try to put forward the question, analyzing the problem, find a Chinese in line with the conditions of the road.
The full text is divided into three chapters. The first chapter briefly describes the legal meaning of asset securitization, analyzes the legal characteristics of securitized assets, and introduces the main trading structure of asset securitization.
In the second chapter, the general investment risk and special investment risk of asset securitization are summarized and analyzed from the perspective of comparison with traditional financing methods.
The third chapter focuses on the analysis of the improvement design of asset securitization law system, and explain the system to maximize the protection of investors, security investment, security value of asset securitization. And put forward relevant legislative suggestions, put forward the concept system of free flow of financial innovation in legal relation should be inherent in the formation of highly technical and specialized independent gauge group.

【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：D922.28;F832.51

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