本文選題：不動產(chǎn)收益權(quán) + 未來債權(quán)�。� 參考：《中國政法大學(xué)》2014年碩士論文

【摘要】：資產(chǎn)證券化屬于直接融資,既是企業(yè)融資的重要途徑,也日漸成為資產(chǎn)管理、風險管理的重要手段。我國資產(chǎn)證券化的研究、立法與實踐起步較晚,在近十年的試點過程中波動性地快速發(fā)展,尤其是以公路橋梁、公路隧道或者公路渡口等不動產(chǎn)收益權(quán)為基礎(chǔ)資產(chǎn)的證券公司資產(chǎn)證券化有較大的擴張潛能。但是,由于合同法、破產(chǎn)法、金融監(jiān)管等基礎(chǔ)法律以及關(guān)于資產(chǎn)證券化專門規(guī)定存在較多缺陷,導(dǎo)致我國不動產(chǎn)收益權(quán)證券化在基礎(chǔ)資產(chǎn)的界定、轉(zhuǎn)讓、SPV構(gòu)建、真實銷售、破產(chǎn)隔離等最為核心的問題上,缺乏明確、完善、適當?shù)姆芍?由此帶來的法律不確定性及其風險,阻礙了資產(chǎn)證券化的發(fā)展。本文將重點立足于中國本土資產(chǎn)證券化法律規(guī)則體系下的不動產(chǎn)收益權(quán)證券化,不空泛地以國外理論“紙上談兵”,而是以本土問題為出發(fā)點和落腳點,將二者結(jié)合,對前述核心問題展開論證。本文共由三部分組成：引言、正文和結(jié)論。其中正文部分共分為以下五章： 第一章是對我國不動產(chǎn)收益權(quán)證券化的概述,首先梳理了資產(chǎn)證券化“一個核心與三個支撐”的基本理論體系以及我國信貸資產(chǎn)證券化、證券公司資產(chǎn)證券化、資產(chǎn)支持票據(jù)之“三國演義”的實踐現(xiàn)狀。之后,以莞深高速公路收費收益權(quán)專項計劃為例,剖析了其所涉交易主體及核心法律關(guān)系,提出了不動產(chǎn)收益權(quán)證券化的制度優(yōu)勢與擴張潛能。 第二章重點探討不動產(chǎn)收益權(quán)的權(quán)利結(jié)構(gòu)與法律性質(zhì),以收費公路為例,通過解構(gòu)收費權(quán)、收費收益權(quán)兩個層面的權(quán)利結(jié)構(gòu),提出“非公營企業(yè)的收費收益權(quán)”為符合條件的基礎(chǔ)資產(chǎn),進而在理論上界定了其屬于“未來債權(quán)”,“不確定性”是其最大特征,而“可特定性”是其關(guān)鍵的適格性要求。 第三章重點探討基礎(chǔ)資產(chǎn)的轉(zhuǎn)讓問題,從不動產(chǎn)收益權(quán)可讓與性的比較法研究出發(fā),揭示了“可讓與性”之本質(zhì),探討了不動產(chǎn)收益歸屬移轉(zhuǎn)的時點、不動產(chǎn)收益權(quán)轉(zhuǎn)讓合同的對內(nèi)效力及對外效力。由于中國法規(guī)定的缺失,本部分是基于理論分析與比較法考察而得出結(jié)論。 第四章從專項計劃與真實出售兩個維度探討“破產(chǎn)隔離”問題,指出專項計劃缺乏主體地位、缺少《信托法》與《破產(chǎn)法》的支撐,只能在《合同法》、《破產(chǎn)法》的零散規(guī)定中構(gòu)建我國“真實出售”的規(guī)則。不動產(chǎn)收益權(quán)證券化需重點根據(jù)不動產(chǎn)收益權(quán)之特殊性及其產(chǎn)生時點來判斷可否實現(xiàn)“破產(chǎn)隔離” 第五章就完善我國不動產(chǎn)收益權(quán)證券化提出了一些宏觀的制度建議,一是在合同法層面完善未來債權(quán)的分類、轉(zhuǎn)讓、公示制度；二是在信托法層面將信托從“分業(yè)經(jīng)營”中釋放,以信托尤其是宣言信托重構(gòu)不動產(chǎn)收益權(quán)證券化的法律結(jié)構(gòu)；三是在破產(chǎn)法層面對證券化作出專門規(guī)定；四是資產(chǎn)證券化自身層面重點完善SPV構(gòu)建與真實出售的規(guī)定。
[Abstract]:Asset securitization is a kind of direct financing, which is not only an important way of enterprise financing, but also an important means of asset management and risk management. The research, legislation and practice of asset securitization in our country started late, and developed rapidly in the process of pilot in the past ten years, especially in the highway bridge. The securitization of securities companies with real estate income rights such as highway tunnel or highway ferry has great expansion potential. However, there are many defects in the basic laws, such as contract law, bankruptcy law, financial supervision and special provisions on asset securitization, which lead to the definition, transfer and construction of SPV, real sale of real estate right securitization in our country. The lack of clear, perfect and appropriate legal support on the most core issues such as bankruptcy isolation and the resulting legal uncertainty and risks hinder the development of asset securitization. This paper focuses on the securitization of real estate income rights based on the legal system of China's local asset securitization, not with foreign theories, but with local issues as the starting point and the foothold, combining the two. The above-mentioned core issues are demonstrated. This paper consists of three parts: introduction, text and conclusion. The text is divided into the following five chapters: The first chapter is an overview of the securitization of real estate income rights in China. Firstly, it combs the basic theoretical system of "one core and three supports" of asset securitization and the credit asset securitization and securities company asset securitization in China. The practice status of the "Romance of the three Kingdoms" of Asset supporting Instruments. Then, taking the special plan of Guan-Shen Expressway toll earning right as an example, this paper analyzes its transaction subject and its core legal relationship, and puts forward the institutional advantages and expansion potential of the securitization of real estate income right. The second chapter focuses on the right structure and legal nature of the right to real estate income, taking toll roads as an example, through deconstructing the right to collect fees, the right to collect income from the two levels of the right structure, It is put forward that "the right to charge income of non-public enterprises" is the basic asset that meets the requirements, and then it is defined theoretically that it belongs to "future creditor's rights", "uncertainty" is its biggest characteristic, and "specificity" is its key qualification requirement. The third chapter focuses on the transfer of basic assets, starting from the comparative study of transferability of real estate income right, reveals the essence of transferability, and probes into the time point of ownership and transfer of real estate income. The internal and external effectiveness of the contract for the transfer of real estate income rights. Due to the absence of Chinese law, this part draws a conclusion based on theoretical analysis and comparative study. Chapter four discusses the problem of "bankruptcy isolation" from the two dimensions of special plan and real sale, and points out that the special plan lacks the status of subject and the support of Trust Law and bankruptcy Law. Only in the piecemeal provisions of contract Law and bankruptcy Law can the rules of "real sale" be constructed in our country. The securitization of real estate income right needs to judge whether "bankruptcy isolation" can be realized according to the particularity of real estate income right and its producing time. The fifth chapter puts forward some macroscopical system suggestions to perfect the securitization of real estate income right in our country. The first is to perfect the classification, transfer and publicity system of future creditor's rights in the level of contract law. The second is to release the trust from "separate operation" in the level of trust law, to reconstruct the legal structure of securitization of real estate income right by trust, especially the declaration of trust, and to make special provisions on securitization at the level of bankruptcy law. Fourth, asset securitization itself focus on improving the construction of SPV and the provisions of real sale.
【學(xué)位授予單位】：中國政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D923.6;D922.282;D922.291.92

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