本文選題：特殊目的載體 + 特殊目的基金��； 參考：《哈爾濱工業(yè)大學(xué)》2017年碩士論文

【摘要】：資產(chǎn)證券化是20世紀(jì)后半葉國際金融市場最重大的金融創(chuàng)新,作為當(dāng)前國際金融市場最重要的融資工具,資產(chǎn)證券化對于中國金融市場具有重要意義。資產(chǎn)證券化中最具特色的創(chuàng)新在于創(chuàng)設(shè)了特殊目的載體,特殊目的載體是資產(chǎn)證券化的核心,借助特殊目的載體向發(fā)起人購買擬證券化的資產(chǎn),發(fā)行資產(chǎn)擔(dān)保證券銷售給投資者,由此建立以特殊目的載體為中心的穩(wěn)定的自我清償性融資結(jié)構(gòu)。隨著資產(chǎn)證券化實(shí)務(wù)操作的多元化,特殊目的載體的構(gòu)建也暴露了許多問題,資產(chǎn)證券化中日益復(fù)雜的法律關(guān)系缺乏有效的法律制度加以調(diào)整。研究方法采用問題導(dǎo)向法、比較分析法與文獻(xiàn)分析法,在比較借鑒國外立法經(jīng)驗(yàn)與理論成果的基礎(chǔ)上,比較分析特殊目的載體的構(gòu)建模式并提出立法建議,推進(jìn)我國資產(chǎn)證券化的發(fā)展,實(shí)現(xiàn)資產(chǎn)證券化的意義與價值。資產(chǎn)證券化以及特殊目的載體包含的法律關(guān)系復(fù)雜,法律主體眾多,明確特殊目的載體的法律性質(zhì)、特殊目的載體與其他主體的法律關(guān)系是構(gòu)建適用于我國法制背景下特殊目的載體的基礎(chǔ)。作為上個世紀(jì)最具影響的金融創(chuàng)新,資產(chǎn)證券化與特殊目的載體在歐美等發(fā)達(dá)國家或地區(qū)發(fā)展迅速,資產(chǎn)證券化對于我國而言是一個舶來品,其發(fā)展更多的需要借鑒其它國家或地區(qū)的發(fā)展經(jīng)驗(yàn),分析美國、加拿大、日本等發(fā)達(dá)國家和地區(qū)的資產(chǎn)證券化發(fā)展以及特殊目的載體的立法模式,可以為我國特殊目的載體的立法構(gòu)建起到補(bǔ)充作用。在我國當(dāng)前的法制背景下,無論是特殊目的公司亦或是特殊目的信托都存在法律障礙。在此基礎(chǔ)上,構(gòu)建一種適用于我國法律制度的新型特殊目的載體即特殊目的基金顯得尤為重要。特殊目的基金的構(gòu)建以公司型基金為基礎(chǔ),構(gòu)建特殊目的基金具有必要性與可行性。根據(jù)我國的具體國情,構(gòu)建特殊目的載體制度應(yīng)當(dāng)對于資產(chǎn)證券化進(jìn)行專門立法。在立法原則方面,應(yīng)當(dāng)以投資者權(quán)益保護(hù)原則為首要原則,投資者在整個資產(chǎn)證券化中起著至關(guān)重要的作用,且常常處于弱勢的地位,保護(hù)投資者權(quán)益是構(gòu)建特殊目的載體必須確立的首要原則。特殊目的載體內(nèi)部的制度構(gòu)建也是其功能得以發(fā)揮的關(guān)鍵。對于特殊目的載體的有效監(jiān)管可以防控金融風(fēng)險。資產(chǎn)證券化中法律關(guān)系復(fù)雜,特殊目的載體與商事法律體系的協(xié)同性保障了資產(chǎn)證券化目的的實(shí)現(xiàn)。最后,在立法原則、具體制度構(gòu)建、監(jiān)管路徑以及商事法律體系協(xié)同性論述的基礎(chǔ)上,提出構(gòu)建統(tǒng)一資產(chǎn)證券化法的制度框架。
[Abstract]:Asset securitization is the most important financial innovation in the international financial market in the second half of the 20th century. As the most important financing tool of the current international financial market, asset securitization is of great significance to the Chinese financial market. The most distinctive innovation in asset securitization lies in the creation of special purpose carrier, which is the core of asset securitization. Issuance of asset-backed securities to investors, thus establishing a stable self-liquidating financing structure centered on special purpose vehicles. With the diversification of practical operation of asset securitization, the construction of special purpose carrier has exposed many problems, and the increasingly complex legal relationship in asset securitization lacks an effective legal system to adjust it. The research methods adopt problem-oriented method, comparative analysis method and literature analysis method. On the basis of comparing and learning from foreign legislative experience and theoretical results, the author compares and analyzes the construction mode of special purpose carrier and puts forward legislative suggestions. Promote the development of asset securitization and realize the significance and value of asset securitization. Asset securitization and special purpose carriers contain complex legal relations, numerous legal subjects, and make clear the legal nature of special purpose vehicles. The legal relationship between the special purpose carrier and other subjects is the basis of constructing the special purpose carrier under the legal background of our country. As the most influential financial innovation in the last century, asset securitization and special purpose carrier have developed rapidly in developed countries or regions, such as Europe and America. Asset securitization is an import to our country. Its development needs to draw lessons from the development experience of other countries or regions, and analyze the development of asset securitization and the legislative model of special purpose carrier in developed countries and regions such as the United States, Canada, Japan, etc. It can play a supplementary role in the legislative construction of special purpose carrier in our country. Under the background of our country's current legal system, there are legal obstacles in either special purpose company or special purpose trust. On this basis, it is very important to construct a new type of special purpose fund which is suitable for the legal system of our country. The construction of special purpose fund is based on company fund, and it is necessary and feasible to construct special purpose fund. According to the specific situation of our country, the construction of special purpose carrier system should make special legislation on asset securitization. In the aspect of legislative principle, the principle of protecting investors' rights and interests should be taken as the first principle. Investors play a vital role in the whole securitization of assets and are often in a weak position. Protecting investor's rights and interests is the primary principle that must be established to construct special purpose carrier. The system construction inside the special purpose carrier is also the key to its function. Effective supervision of special purpose vehicles can prevent and control financial risks. The legal relationship in asset securitization is complex, and the coordination between special purpose carrier and commercial legal system ensures the realization of asset securitization. Finally, on the basis of the legislative principle, the concrete system construction, the supervision path and the commercial legal system coordination discussion, this paper puts forward the system frame of the unified asset securitization law.
【學(xué)位授予單位】：哈爾濱工業(yè)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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