本文關(guān)鍵詞： 收費(fèi)權(quán) 證券化 破產(chǎn)風(fēng)險(xiǎn)隔離　出處：《中央民族大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在我國目前的融資方式中,股權(quán)融資與債權(quán)融資并存,且存在資產(chǎn)證券化等新型融資方式。其中收費(fèi)權(quán)證券化作為企業(yè)資產(chǎn)證券化的一種,在融資活動(dòng)中占有越來越重要的地位。破產(chǎn)風(fēng)險(xiǎn)隔離機(jī)制是收費(fèi)權(quán)證券化最為核心的機(jī)制,同時(shí)也是收費(fèi)權(quán)證券化業(yè)務(wù)與其他融資業(yè)務(wù)相區(qū)別的關(guān)鍵,本文重點(diǎn)討論的是破產(chǎn)風(fēng)險(xiǎn)隔離機(jī)制立法與實(shí)務(wù)中存在的問題。第一部分首先介紹收費(fèi)權(quán)證券化業(yè)務(wù)的基礎(chǔ)理論,包括關(guān)于收費(fèi)權(quán)法律屬性的學(xué)說和觀點(diǎn)、從立法和實(shí)務(wù)操作兩個(gè)層面探討收費(fèi)權(quán)的概念、收費(fèi)權(quán)證券化的內(nèi)涵和本質(zhì)屬性以及構(gòu)建破產(chǎn)風(fēng)險(xiǎn)隔離機(jī)制的要點(diǎn),為下文的討論打下理論基礎(chǔ)。第二部分針對我國目前對收費(fèi)權(quán)證券化業(yè)務(wù)的立法現(xiàn)狀,從《物權(quán)法》、《合同法》等法律法規(guī)到證監(jiān)會出臺的相關(guān)部門規(guī)章進(jìn)行全方位的梳理,提煉出有關(guān)收費(fèi)權(quán)、收費(fèi)權(quán)轉(zhuǎn)讓、特殊目的載體和"真實(shí)出售"的法律規(guī)則,并具體剖析了一項(xiàng)收費(fèi)權(quán)證券化案例,通過案例說明現(xiàn)實(shí)中收費(fèi)權(quán)證券化業(yè)務(wù)的操作方式,指出我國現(xiàn)行立法和實(shí)務(wù)操作中的缺陷與不足。第三部分討論了收費(fèi)權(quán)證券化業(yè)務(wù)的破產(chǎn)風(fēng)險(xiǎn)隔離機(jī)制存在的問題,在承接前文論文的基礎(chǔ)上,主要圍繞基礎(chǔ)資產(chǎn)特定化、收費(fèi)權(quán)的屬性導(dǎo)致原始權(quán)益人破產(chǎn)風(fēng)險(xiǎn)難以有效隔離、特殊目的載體的法律地位和"真實(shí)出售"的法律標(biāo)準(zhǔn)這四個(gè)方面展開討論。第四部分重點(diǎn)介紹美國收費(fèi)權(quán)證券化中的做法,先介紹美國關(guān)于收費(fèi)權(quán)證券化的法制環(huán)境,后重點(diǎn)介紹美國相關(guān)立法和實(shí)踐如何通過特殊目的載體構(gòu)建破產(chǎn)風(fēng)險(xiǎn)隔離機(jī)制,主要包括防止該特殊目的載體主動(dòng)申請破產(chǎn)、防止非自愿強(qiáng)制破產(chǎn)和防止被認(rèn)定為實(shí)質(zhì)合并,此外介紹了美國立法和司法實(shí)踐中"真實(shí)出售"的判斷標(biāo)準(zhǔn)和考量依據(jù),并總結(jié)了美國相關(guān)經(jīng)驗(yàn)對我國的啟示,為完善我國的相關(guān)立法提供借鑒。第五部分則總結(jié)前文的討論,圍繞第三部分指出的四項(xiàng)問題,在綜合考慮美國相關(guān)立法與實(shí)踐的基礎(chǔ)上,嘗試提出對完善破產(chǎn)隔離機(jī)制的立法建議,包括合理界定收費(fèi)權(quán)性質(zhì)、設(shè)立針對收費(fèi)權(quán)證券化的管理人接管制度、明確并強(qiáng)化特殊目的載體的法律地位以及建立并完善信息披露機(jī)制這四項(xiàng)具體措施。
[Abstract]:In the current financing mode of our country, equity financing and creditor's rights financing coexist, and there are new financing methods such as asset securitization, among which fee right securitization is a kind of enterprise asset securitization. Bankruptcy risk isolation mechanism is the most important mechanism of fee right securitization, and it is also the key to distinguish the fee right securitization business from other financing business. The first part introduces the basic theory of the fee right securitization business, including the theory and viewpoint about the legal attribute of the charge right. This paper discusses the concept of fee right from the two aspects of legislation and practical operation, the connotation and essential attribute of fee right securitization and the key points of constructing bankruptcy risk isolation mechanism. The second part aims at the current legislation status of the fee right securitization business in China, from the "property Law". "contract Law" and other laws and regulations to the relevant departments and regulations issued by the Securities Regulatory Commission to conduct a comprehensive combing, refining the right to collect fees, transfer of the right to collect fees, special purpose carrier and "real sale" of the legal rules. And analyzed a case of fee right securitization, through the case to illustrate the reality of the right to charge securitization business operation. The third part discusses the problems existing in the bankruptcy risk isolation mechanism of fee right securitization business, on the basis of the previous paper. Mainly around the specific basic assets, the property of the fee right leads to the bankruptcy risk of the original rights and interests is difficult to be effectively isolated. The legal status of special purpose vehicle and the legal standard of "real sale" are discussed in this paper. Part 4th focuses on the practice of fee right securitization in the United States. This paper first introduces the legal environment of fee right securitization in the United States, then focuses on how to construct the bankruptcy risk isolation mechanism through special purpose carrier in the relevant legislation and practice in the United States. It mainly includes preventing the special purpose carrier from actively applying for bankruptcy, preventing involuntary forced bankruptcy and being recognized as substantial merger. In addition, it introduces the judging standard and basis of "real sale" in the legislative and judicial practice of the United States, and summarizes the enlightenment of the relevant experience of the United States to our country. In order to improve the relevant legislation of our country to provide reference. 5th part summarizes the previous discussion around the four issues pointed out in the third part on the basis of comprehensive consideration of the relevant legislation and practice in the United States. Try to improve the bankruptcy isolation mechanism of legislative proposals, including a reasonable definition of the nature of the right to collect fees, the establishment of a system for fee securitization of the administrator takeover. Clear and strengthen the legal status of the special purpose vehicle and establish and improve the information disclosure mechanism these four specific measures.
【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.287

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本文編號：1465089