美國(guó)資產(chǎn)證券化中特殊目的載體法律結(jié)構(gòu)研究
發(fā)布時(shí)間：2018-09-06 06:40
【摘要】： 20世紀(jì)60年代末至70年代初，資產(chǎn)證券化在美國(guó)得到大規(guī)模發(fā)展。資產(chǎn)證券化雖然開始于住房按揭領(lǐng)域，但由于其深受投資者歡迎，20世紀(jì)70年代以后迅速擴(kuò)張到其他行業(yè)及其他發(fā)達(dá)國(guó)家和新興市場(chǎng)。如今，資產(chǎn)證券化已成為美國(guó)金融市場(chǎng)上許多企業(yè)所依賴的重要融資手段，而由其產(chǎn)生的各種金融產(chǎn)品也已經(jīng)成為市場(chǎng)投資者的投資組合中不可缺少和不可替代的金融品種�？梢哉f(shuō),資產(chǎn)證券化已經(jīng)深刻地影響了美國(guó)以及國(guó)際金融業(yè)的發(fā)展。 有鑒于此，本文對(duì)美國(guó)資產(chǎn)證券化中最重要的機(jī)構(gòu)——特殊目的載體的法律結(jié)構(gòu)進(jìn)行了分析，并對(duì)與特殊目的載體密切相關(guān)的破產(chǎn)風(fēng)險(xiǎn)隔離機(jī)制進(jìn)行了詳細(xì)了討論。 全文通過(guò)給出資產(chǎn)證券化的定義和資產(chǎn)證券化的一般流程，確定了研究范圍和論文主線。以資產(chǎn)證券化的流程為線索，闡述了特殊目的載體在資產(chǎn)證券化中的地位、意義及作用，并對(duì)其涉及到的稅法、破產(chǎn)法、商法、證券法等方面的問(wèn)題進(jìn)行了討論。安然一案對(duì)美國(guó)的特殊目的載體構(gòu)造影響極大，本文介紹了該案中與特殊目的載體相關(guān)的部分，以說(shuō)明濫用特殊目的載體帶來(lái)的負(fù)面影響。最后是對(duì)本文研究成果的適用：以美國(guó)為參照，分析了我國(guó)構(gòu)造特殊目的載體的法律環(huán)境。 本文引言部分簡(jiǎn)單介紹了資產(chǎn)證券化和特殊目的載體的歷史背景和研究背景。第一章給出了資產(chǎn)證券化的定義和資產(chǎn)證券化的一般流程：1. 發(fā)起人確定證券化的資產(chǎn)集合；2. 構(gòu)造特殊目的載體；3. 使特殊目的載體遠(yuǎn)離破產(chǎn)；4. 轉(zhuǎn)移資產(chǎn)；5. 發(fā)行資產(chǎn)支撐證券和/或債務(wù)證券。 文章的主體部分集中論述了上述第二步構(gòu)造特殊目的載體和第三步使特殊目的載體遠(yuǎn)離破產(chǎn)。由于特殊目的載體肩負(fù)著信用隔離和發(fā)行證券的兩大任務(wù)，因此在資產(chǎn)證券化中有著非常重要的地位。如何使其成功達(dá)到目的，慎重選擇法律形式尤為關(guān)鍵。本文分別討論了特殊目的載體采用信托、公司、不動(dòng)產(chǎn)抵押投資融通媒介及合伙四種不同法律結(jié)構(gòu)的特點(diǎn)。 作為一種傳統(tǒng)的法律實(shí)體，信托出人意料地在資產(chǎn)證券化中起了極大的作用。在美國(guó)，大部分抵押貸款、信用卡及汽車應(yīng)收賬款、學(xué)生貸款證券化都通過(guò)信托進(jìn)行。本文通過(guò)對(duì)信托特征及信托型特殊目的載體的分析，得出信托作為特殊目的載體的兩大優(yōu)勢(shì)：易于實(shí)現(xiàn)風(fēng)險(xiǎn)隔離和稅收優(yōu)勢(shì)。從功能的角度出發(fā)，信托型特殊目的載體又可分為四大類型：授予人信托、所有者信托、主信托和金融資產(chǎn)證券化投資信托。這四類信托各有特點(diǎn)，發(fā)起人可根據(jù)自己的需要進(jìn)行選擇。 WP=3 公司型特殊目的載體可以向投資者發(fā)行各種不同檔的證券而不會(huì)損害其稅收待遇，還可以把一個(gè)或一組發(fā)起人的基礎(chǔ)資產(chǎn)加以證券化，而不管這些資產(chǎn)是否彼此關(guān)聯(lián)，并且這些證券化交易既可以依次進(jìn)行也可以同時(shí)進(jìn)行。因此，與信托型特殊目的載體相比，公司型特殊目的載體可以大大地?cái)U(kuò)大資產(chǎn)池的規(guī)模，從而攤薄證券化交易較高的初始發(fā)行費(fèi)用。公司型特殊目的載體的缺點(diǎn)在于稅收部門將對(duì)公司進(jìn)行凈收入征稅。 美國(guó)1986年稅制改革法為特殊目的載體提供了一種新的身份：不動(dòng)產(chǎn)抵押投資融通媒介。不動(dòng)產(chǎn)抵押投資融通媒介只是一種身份，無(wú)論是公司、合伙、信托還是其他實(shí)體，只要符合法定條件就可以按不動(dòng)產(chǎn)抵押投資融通媒介進(jìn)行納稅。在確定采用不動(dòng)產(chǎn)抵押投資融通媒介的身份后，特殊目的載體究竟采用何種法律形式可以只從商業(yè)可行的角度考慮，，而無(wú)須考慮稅收的問(wèn)題。 有限合伙型特殊目的載體的重要特點(diǎn)是合伙由其成員所有并為其服務(wù)，有限合伙型特殊目的載體通常主要向其成員即合伙人購(gòu)買基礎(chǔ)資產(chǎn)，主要為其成員證券化融資服務(wù)——這也是它區(qū)別與信托型和公司型特殊目的載體的重要不同點(diǎn)。 無(wú)論其形式為何，特殊目的載體的破產(chǎn)都會(huì)給投資者帶來(lái)極大的損失。因此，發(fā)起人在構(gòu)造特殊目的載體時(shí)會(huì)運(yùn)用多種方法使其遠(yuǎn)離破產(chǎn)，同時(shí)使特殊目的載體不受發(fā)起人和其他相關(guān)機(jī)構(gòu)破產(chǎn)的影響。另外，評(píng)級(jí)機(jī)構(gòu)也要求特殊目的載體發(fā)行的證券等級(jí)只與特殊目的載體本身資產(chǎn)的信用風(fēng)險(xiǎn)相匹配，而不受其他相關(guān)機(jī)構(gòu)信用風(fēng)險(xiǎn)的影響。實(shí)現(xiàn)破產(chǎn)隔離的最主要手段就是風(fēng)險(xiǎn)隔離機(jī)制，特殊目的載體本身在構(gòu)造時(shí)要通過(guò)諸如限定經(jīng)營(yíng)范圍和債務(wù)、賦予獨(dú)立董事以特殊職能、處理好與發(fā)起人之間的關(guān)系等來(lái)實(shí)現(xiàn)遠(yuǎn)離破產(chǎn)；為了使特殊目的載體盡可能免受發(fā)起人破產(chǎn)的影響，發(fā)起人和特殊目的載體之間的資產(chǎn)轉(zhuǎn)移必須采用真實(shí)出售（True Sale）的形式。此外，還要注意同服務(wù)商和原始債務(wù)人的破產(chǎn)風(fēng)險(xiǎn)相隔離。 即使是在資產(chǎn)證券化起源且發(fā)展迅速的美國(guó)，特殊目的載體至2002年初在證券界以外仍然為多數(shù)人所陌生。正是2001年12月份能源巨擘美國(guó)安然公司的轟然倒塌引起了人們對(duì)特殊目的載體的關(guān)注。本文第四章對(duì)為什么特殊目的載體會(huì)成為安然公司走向末路的重要工具進(jìn)行了深入分析。安然公司不恰當(dāng)?shù)乩锰厥饽康妮d體符合特定條件可以不并表的會(huì)計(jì)慣例，將本應(yīng)納入合并財(cái)務(wù)報(bào)表的3個(gè)特殊目的載體(其英文簡(jiǎn)稱分別為JEDI、 Chewco和LJM1)排除在合并財(cái)務(wù)報(bào)表編制范圍之外，導(dǎo)致1997至2000年期間高估了4.99億美元的利潤(rùn)、低估了數(shù)十億美元的負(fù)債。事發(fā)之后，安然不 WP=4 得不重新合并這三個(gè)特殊目的載體的財(cái)務(wù)報(bào)表，結(jié)果是安然的股東權(quán)益縮水?
[Abstract]:From the late 1960s to the early 1970s, asset securitization developed on a large scale in the United States. Although it began in the field of housing mortgage, asset securitization has been widely welcomed by investors. Since the 1970s, it has rapidly expanded to other industries, other developed countries and emerging markets. Today, asset securitization has become a financial market in the United States. Many enterprises rely on important means of financing, and the various financial products produced by them have become indispensable and irreplaceable financial products in the portfolio of market investors.
In view of this, this paper analyzes the legal structure of special purpose vehicle, the most important institution in American asset securitization, and discusses in detail the bankruptcy risk isolation mechanism closely related to special purpose vehicle.
By giving the definition of asset securitization and the general process of asset securitization, this paper defines the scope of the study and the main line of the thesis.Taking the process of asset securitization as a clue, this paper expounds the position, significance and function of special purpose vehicle in asset securitization, and advances the problems related to tax law, bankruptcy law, commercial law and securities law. The Enron case has a great impact on the construction of special purpose vehicles in the United States. This paper introduces the parts related to special purpose carriers in the case to illustrate the negative impact of abuse of special purpose carriers. Finally, it is the application of the research results of this paper: with the reference of the United States, it analyzes the laws of constructing special purpose carriers in China. Environmental Science.
The first chapter gives the definition of asset securitization and the general process of asset securitization: 1. The initiator determines the asset set of securitization; 2. Constructs the special purpose vehicle; 3. Keeps the special purpose vehicle away from bankruptcy; 4. Transfers. Transfer of assets; 5. issue of assets supporting securities and / or debt securities.
The main part of the article focuses on the second step to construct special purpose carriers and the third step to keep special purpose carriers away from bankruptcy.As special purpose carriers shoulder the two major tasks of credit isolation and issuing securities, they play a very important role in asset securitization. This paper discusses the characteristics of four different legal structures of special purpose vehicles: trust, corporation, real estate mortgage investment accommodation medium and partnership.
As a traditional legal entity, trust unexpectedly plays an important role in asset securitization. In the United States, most mortgage loans, credit cards and automobile accounts receivable, student loan securitization is carried out through trust. This paper analyzes the characteristics of trust and the special purpose carrier of trust, and concludes that trust is a special purpose. From the functional point of view, trust-type special purpose vehicles can be divided into four types: grantor trust, owner trust, main trust and financial asset securitization investment trust.
WP=3
Corporate special purpose vehicles can issue various types of securities to investors without compromising their tax treatment, and can also securitize the underlying assets of one or a group of sponsors, regardless of whether these assets are related to each other, and these securitization transactions can be carried out either sequentially or simultaneously. Comparing with the company-type special purpose vehicle, the company-type special purpose vehicle can greatly expand the size of the asset pool, thereby diluting the higher initial issuance costs of securitization transactions.
The 1986 Tax Reform Act of the United States provides a new identity for special purpose vehicles: real estate mortgage investment financing media. After determining the identity of the real estate mortgage investment vehicle, the legal form of the special purpose vehicle can only be considered from the commercial feasibility point of view, without considering the tax issue.
The important characteristic of the limited partnership special purpose vehicle is that the partnership is owned by its members and serves them. The limited partnership special purpose vehicle usually purchases basic assets from its members, i.e. the partners, and mainly serves the securitization financing of its members. This is also an important difference between the limited partnership special purpose vehicle and the trust type and the company type special purpose vehicle. Point.
The bankruptcy of special purpose vehicle (SPV) will bring great losses to investors no matter what its form is. Therefore, sponsors will use a variety of methods to keep SPV away from bankruptcy when constructing SPV, and at the same time make SPV unaffected by the bankruptcy of sponsors and other relevant institutions. In addition, rating agencies also require SPV. The securities issued by the corporation are only matched with the credit risk of the assets of the special purpose vehicle itself, and are not affected by the credit risk of other relevant institutions. In order to avoid the influence of the bankruptcy of the sponsor as far as possible, the transfer of assets between the sponsor and the sponsor must be in the form of True Sale. Risk phase isolation.
Even in the United States where asset securitization originated and developed rapidly, special purpose vehicles (SPVs) were still unfamiliar to most people until early 2002. It was the collapse of Enron in December 2001 that caused people's concern about SPVs. Chapter IV of this paper discusses why SPVs could become successful. In order to make an in-depth analysis of Enron's important tools to the end, Enron inappropriately uses special purpose vehicles (SPVs) to exclude the three SPVs (JEDI, Chewco and LJM1) that should be included in the consolidated financial statements from the preparation of consolidated financial statements. Outside the scope, it led to an overvaluation of $499 million in profits and billions of dollars in liabilities between 1997 and 2000.
WP=4
Is it possible to recombine the financial statements of the three special purpose vehicles, resulting in the shrinking of Enron's shareholders' equity?
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2003
【分類號(hào)】：D971.2
本文編號(hào)：2225554
[Abstract]:From the late 1960s to the early 1970s, asset securitization developed on a large scale in the United States. Although it began in the field of housing mortgage, asset securitization has been widely welcomed by investors. Since the 1970s, it has rapidly expanded to other industries, other developed countries and emerging markets. Today, asset securitization has become a financial market in the United States. Many enterprises rely on important means of financing, and the various financial products produced by them have become indispensable and irreplaceable financial products in the portfolio of market investors.
In view of this, this paper analyzes the legal structure of special purpose vehicle, the most important institution in American asset securitization, and discusses in detail the bankruptcy risk isolation mechanism closely related to special purpose vehicle.
By giving the definition of asset securitization and the general process of asset securitization, this paper defines the scope of the study and the main line of the thesis.Taking the process of asset securitization as a clue, this paper expounds the position, significance and function of special purpose vehicle in asset securitization, and advances the problems related to tax law, bankruptcy law, commercial law and securities law. The Enron case has a great impact on the construction of special purpose vehicles in the United States. This paper introduces the parts related to special purpose carriers in the case to illustrate the negative impact of abuse of special purpose carriers. Finally, it is the application of the research results of this paper: with the reference of the United States, it analyzes the laws of constructing special purpose carriers in China. Environmental Science.
The first chapter gives the definition of asset securitization and the general process of asset securitization: 1. The initiator determines the asset set of securitization; 2. Constructs the special purpose vehicle; 3. Keeps the special purpose vehicle away from bankruptcy; 4. Transfers. Transfer of assets; 5. issue of assets supporting securities and / or debt securities.
The main part of the article focuses on the second step to construct special purpose carriers and the third step to keep special purpose carriers away from bankruptcy.As special purpose carriers shoulder the two major tasks of credit isolation and issuing securities, they play a very important role in asset securitization. This paper discusses the characteristics of four different legal structures of special purpose vehicles: trust, corporation, real estate mortgage investment accommodation medium and partnership.
As a traditional legal entity, trust unexpectedly plays an important role in asset securitization. In the United States, most mortgage loans, credit cards and automobile accounts receivable, student loan securitization is carried out through trust. This paper analyzes the characteristics of trust and the special purpose carrier of trust, and concludes that trust is a special purpose. From the functional point of view, trust-type special purpose vehicles can be divided into four types: grantor trust, owner trust, main trust and financial asset securitization investment trust.
WP=3
Corporate special purpose vehicles can issue various types of securities to investors without compromising their tax treatment, and can also securitize the underlying assets of one or a group of sponsors, regardless of whether these assets are related to each other, and these securitization transactions can be carried out either sequentially or simultaneously. Comparing with the company-type special purpose vehicle, the company-type special purpose vehicle can greatly expand the size of the asset pool, thereby diluting the higher initial issuance costs of securitization transactions.
The 1986 Tax Reform Act of the United States provides a new identity for special purpose vehicles: real estate mortgage investment financing media. After determining the identity of the real estate mortgage investment vehicle, the legal form of the special purpose vehicle can only be considered from the commercial feasibility point of view, without considering the tax issue.
The important characteristic of the limited partnership special purpose vehicle is that the partnership is owned by its members and serves them. The limited partnership special purpose vehicle usually purchases basic assets from its members, i.e. the partners, and mainly serves the securitization financing of its members. This is also an important difference between the limited partnership special purpose vehicle and the trust type and the company type special purpose vehicle. Point.
The bankruptcy of special purpose vehicle (SPV) will bring great losses to investors no matter what its form is. Therefore, sponsors will use a variety of methods to keep SPV away from bankruptcy when constructing SPV, and at the same time make SPV unaffected by the bankruptcy of sponsors and other relevant institutions. In addition, rating agencies also require SPV. The securities issued by the corporation are only matched with the credit risk of the assets of the special purpose vehicle itself, and are not affected by the credit risk of other relevant institutions. In order to avoid the influence of the bankruptcy of the sponsor as far as possible, the transfer of assets between the sponsor and the sponsor must be in the form of True Sale. Risk phase isolation.
Even in the United States where asset securitization originated and developed rapidly, special purpose vehicles (SPVs) were still unfamiliar to most people until early 2002. It was the collapse of Enron in December 2001 that caused people's concern about SPVs. Chapter IV of this paper discusses why SPVs could become successful. In order to make an in-depth analysis of Enron's important tools to the end, Enron inappropriately uses special purpose vehicles (SPVs) to exclude the three SPVs (JEDI, Chewco and LJM1) that should be included in the consolidated financial statements from the preparation of consolidated financial statements. Outside the scope, it led to an overvaluation of $499 million in profits and billions of dollars in liabilities between 1997 and 2000.
WP=4
Is it possible to recombine the financial statements of the three special purpose vehicles, resulting in the shrinking of Enron's shareholders' equity?
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2003
【分類號(hào)】：D971.2
【引證文獻(xiàn)】
相關(guān)碩士學(xué)位論文 前6條
1 楊紅偉;美國(guó)住房抵押貸款法律制度研究[D];中國(guó)海洋大學(xué);2010年
2 關(guān)麗麗;企業(yè)資產(chǎn)證券化法律制度設(shè)計(jì)[D];沈陽(yáng)工業(yè)大學(xué);2012年
3 伍興龍;資產(chǎn)證券化風(fēng)險(xiǎn)隔離機(jī)制之法律問(wèn)題研究[D];中國(guó)政法大學(xué);2004年
4 費(fèi)婷婷;信貸資產(chǎn)證券化的若干法律問(wèn)題分析[D];西北大學(xué);2006年
5 江忠皓;資產(chǎn)證券化風(fēng)險(xiǎn)隔離機(jī)制的法律問(wèn)題研究[D];四川大學(xué);2006年
6 謝曉勇;資產(chǎn)證券化風(fēng)險(xiǎn)隔離機(jī)制法律問(wèn)題研究[D];中國(guó)政法大學(xué);2010年
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