本文選題：資產(chǎn)證券化　切入點(diǎn)：專項(xiàng)計(jì)劃　出處：《清華法學(xué)》2017年06期 　論文類型：期刊論文

【摘要】：資產(chǎn)證券化一方面能實(shí)現(xiàn)商業(yè)銀行的資產(chǎn)出表,另一方面以資產(chǎn)信用的方式將資本市場(chǎng)的資金輸入給實(shí)體企業(yè),發(fā)揮商業(yè)銀行的金融功能,因此成為影子銀行的概念起源地、主要表現(xiàn)形式與代名詞。不同于美國(guó)影子銀行(資產(chǎn)證券化)的風(fēng)險(xiǎn)在于借短貸長(zhǎng)的擠兌風(fēng)險(xiǎn),中國(guó)資產(chǎn)證券化的首要風(fēng)險(xiǎn)是法律結(jié)構(gòu)的脆弱性。信貸資產(chǎn)證券化是財(cái)產(chǎn)權(quán)信托的法律結(jié)構(gòu),信托制度得到了充分的運(yùn)用。除此之外,以企業(yè)資產(chǎn)證券化為代表的其他系統(tǒng)內(nèi)的資產(chǎn)證券化的法律結(jié)構(gòu)是委托代理合同關(guān)系,專項(xiàng)計(jì)劃委托人直接對(duì)基礎(chǔ)資產(chǎn)行使權(quán)利,盡管能實(shí)現(xiàn)真實(shí)出售的功能,但不能做到破產(chǎn)隔離,法律結(jié)構(gòu)具有脆弱性。制度根源在于中國(guó)將信托制度作為金融牌照業(yè)務(wù)。信托是一種資本組織方式,具有功能上的可替代性。解決之道是建立開放的信托制度,讓信托工具服務(wù)于中國(guó)未來廣闊的資產(chǎn)證券化市場(chǎng)。
[Abstract]:On the one hand, asset securitization can realize the asset exit of commercial banks, on the other hand, the capital market funds can be input to the entity enterprises by the way of asset credit, so as to give play to the financial function of commercial banks, so they become the origin of the concept of shadow banking. Unlike American shadow banks (asset securitization), the risk lies in the risk of a run on short loans and long loans. The primary risk of asset securitization in China is the fragility of legal structure. Credit asset securitization is the legal structure of property rights trust, and the trust system has been fully utilized. The legal structure of asset securitization in other systems, represented by enterprise asset securitization, is the principal-agent contract relationship. The principal of a special plan directly exercises rights over the underlying assets, although it can realize the function of real sale. However, the bankruptcy isolation cannot be achieved, and the legal structure is fragile. The root of the system lies in the fact that China regards the trust system as a financial license business. Trust is a form of capital organization. The solution is to establish an open trust system so that trust tools can serve the broad market of asset securitization in China in the future.
【作者單位】： 清華大學(xué)法學(xué)院;
【基金】：中國(guó)法學(xué)會(huì)金融法治方陣重點(diǎn)委托研究課題“中國(guó)影子銀行的法律規(guī)制”的成果 國(guó)家社會(huì)科學(xué)基金青年項(xiàng)目“地方債務(wù)治理的商事司法審查路徑研究”(14CFX038)的階段性成果
【分類號(hào)】：D922.287

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本文編號(hào)：1590406