本文選題：資產證券化　切入點：風險　出處：《上海交通大學》2014年碩士論文　論文類型：學位論文

【摘要】：資產證券化作為近幾十年最重要的金融創(chuàng)新之一，提高了資產流動性，豐富了投資者投資選擇，優(yōu)化了社會金融資源配置。2008年的金融危機讓廣大資本市場投資者遭受了莫大的打擊，在其中扮演著重要角色的資產證券化因此也令人們“談之色變”。正是由于在信貸資產證券化中欺詐行為橫行，導致了違約行為頻出。信息披露的不徹底、信用評級的過高夸大乃至資產轉讓的詐欺，都使得投資者看不清基礎資產的真實面目。信用違約互換和擔保債務證券等信用違約掉期產品更是在資產證券化中臭名昭著。 我國的資產證券化相較于美國、德國等起步較晚，于2005年3月正式開始資產證券化試點。經過多年的發(fā)展，，中國的資產證券化發(fā)展較為平穩(wěn)。資產證券化要想得到發(fā)展，離不開投資者對其理解和信任，否則這個市場就是欺詐橫行、弱肉強食，最終也不利于證券化發(fā)起人的利益。 本文將以資產證券化產品的投資者權益保護的必要性為切入點，以資產證券化產品的投資者權益保護機制構建為目的，分為以下幾個部分進行闡述： 第一部分，拋出問題。通過分析資產證券化產品中投資者權益保護的必要性，揭示投資者保護缺失的危害，彰顯投資者權益保護對金融市場發(fā)展的重大意義。 第二部分，介紹資產證券化的主體和過程。通過介紹其結構的復雜性和系統性，使讀者對后文中法律關系有更為清晰的了解。 第三、第四部分，詳述投資者在資產證券化過程中可能面對的風險因素以及我國當前針對投資者權益保護體制的不足。文章結合資產證券化產品的特性，分析了投資者在我國證券化過程中可能遇到的市場風險、法律風險等 第五部分，結合比較法研究和案例法研究，通過分析美國、加拿大等國在資產證券化投資者權益保護方面的經驗和教訓，結合我國現有發(fā)展狀況和未來發(fā)展目標，提出統一資產證券化立法、創(chuàng)新SPV模式、完善信息披露制度和權利救濟途徑等建議。
[Abstract]:As one of the most important financial innovations in recent decades, asset securitization improves asset liquidity and enriches investors' investment options. Optimized the allocation of social financial resources. The financial crisis in 2008 hit the vast number of capital market investors hard. Asset securitization, which plays an important role in it, therefore makes people talk about it. It is precisely because of fraud in credit asset securitization that defaults occur frequently. The excessive exaggeration of credit rating and even the fraud of asset transfer make investors lose sight of the real features of basic assets. Credit default swaps and collateralized debt securities and other credit default swap products are notorious in asset securitization. Compared with the United States and Germany, China's asset securitization started later, and in March 2005, it officially started the asset securitization pilot. After years of development, the development of asset securitization in China is relatively stable. Investors can not do without their understanding and trust, otherwise this market is rife with fraud, the law of the jungle, and ultimately not conducive to the interests of securitization sponsors. This article will take the asset securitization product investor rights protection necessity as the breakthrough point, regarding the asset securitization product investor rights protection mechanism construction as the goal, divides into the following several parts to carry on the elaboration:. By analyzing the necessity of investor's rights and interests protection in asset securitization products, the author reveals the harm of investors' lack of protection, and highlights the great significance of investor's rights and interests protection to the development of financial market. The second part introduces the subject and process of asset securitization. By introducing the complexity and systematization of asset securitization, readers have a clearer understanding of the legal relationship in the following articles. The third part, 4th, details the risk factors that investors may face in the process of asset securitization and the deficiency of China's current protection system for investors' rights and interests. This paper analyzes the market risk and legal risk that investors may encounter in the process of securitization in China. In the 5th part, combining the comparative law research and the case law study, by analyzing the experiences and lessons of the United States, Canada and other countries in the protection of the investors' rights and interests in asset securitization, combining the present development situation and the future development goal of our country, Some suggestions such as unifying the legislation of asset securitization, innovating the SPV model, perfecting the information disclosure system and right relief are put forward.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：D922.287

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