本文選題：資產(chǎn)證券化 + 特殊目的載體�。� 參考：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：近年來,隨著國際金融市場的開放和發(fā)展,在2008年金融危機(jī)中備受矚目的資產(chǎn)證券化金融衍生品逐漸復(fù)蘇。資產(chǎn)證券化的本質(zhì)為債權(quán)的證券化,通過一系列結(jié)構(gòu)化設(shè)計(jì),使不易變現(xiàn)但具有穩(wěn)定現(xiàn)金流的資產(chǎn)以發(fā)行證券的形式融資,既節(jié)省交易成本,又豐富融資形式,被譽(yù)為是二十世紀(jì)最偉大的金融創(chuàng)新之一。特殊目的載體的獨(dú)特設(shè)計(jì)在于“破產(chǎn)隔離”機(jī)制的構(gòu)建,在資產(chǎn)證券化業(yè)務(wù)操作過程中處于核心地位,起著決定性作用。本文擬通過對資產(chǎn)證券化中不同法律模式的特殊目的載體進(jìn)行研究剖析,針對我國資產(chǎn)證券化特殊目的載體立法現(xiàn)狀整合法律依據(jù)、總結(jié)現(xiàn)行制度時(shí)弊并提出完善建議路徑,為我國資產(chǎn)證券化業(yè)務(wù)又好又快發(fā)展提供法律保障和理論支撐。全文分為五個(gè)部分。第一部分為引言。主要介紹特殊目的載體的基本概念,文章的研究背景及意義,撰寫文章使用的研究方法,研究過程中的創(chuàng)新點(diǎn),以及文章主要的研究框架。第二部分為資產(chǎn)證券化特殊目的載體的組建模式與法律關(guān)系分析。首先介紹了資產(chǎn)證券化特殊目的載體的組建模式。常見的特殊目的載體組建模式主要有信托型特殊目的載體、公司型特殊目的載體以及合伙型特殊目的載體。通過分析各類組建模式的特點(diǎn),詳述利弊。然后,逐一剖析了資產(chǎn)證券化業(yè)務(wù)中,特殊目的載體與發(fā)起人、投資者、承銷商和其他服務(wù)商之間的法律關(guān)系。第三部分為域外資產(chǎn)證券化特殊目的載體的立法現(xiàn)狀。選取資產(chǎn)證券化業(yè)務(wù)發(fā)展比較完善的美國、英國、日本和韓國等國家為例,美國資產(chǎn)證券化業(yè)務(wù)發(fā)展最早,特殊目的載體也最具成熟性;英國資產(chǎn)證券化業(yè)務(wù)僅次于美國,在歐洲國家排列首位,具有衡平法背景下特殊目的載體的選擇特點(diǎn);日本為亞洲最早啟動(dòng)資產(chǎn)證券化業(yè)務(wù)的國家,根植于傳統(tǒng)大陸法系,可以為我國提供有益參考;韓國的資產(chǎn)證券化業(yè)務(wù)源于經(jīng)濟(jì)危機(jī)后的復(fù)蘇政策,政府在業(yè)務(wù)發(fā)展過程中起到了決定性作用。第四部分為我國資產(chǎn)證券化特殊目的載體的法律整合與主要問題探析。首先介紹我國資產(chǎn)證券化特殊目的載體主要法律規(guī)定,總結(jié)信貸資產(chǎn)證券化、資產(chǎn)支持專項(xiàng)計(jì)劃、項(xiàng)目資產(chǎn)支持計(jì)劃、資產(chǎn)支持票據(jù)等幾種實(shí)務(wù)中常見的特殊目的載體模式的法律規(guī)定。分析我國資產(chǎn)證券化特殊目的載體相關(guān)法律制度存在的問題,一是分業(yè)監(jiān)管,法出多門,且立法層次較低;二是信托型特殊目的載體法律結(jié)構(gòu)存在缺陷;三是公司型特殊目的載體面臨法律障礙。第五部分為我國資產(chǎn)證券化特殊目的載體的完善路徑。第一是統(tǒng)一特殊目的載體相關(guān)立法,構(gòu)建資產(chǎn)證券化法律體系,分別從法理學(xué)和法律經(jīng)濟(jì)學(xué)的視角分析了專門立法的法律基底與博弈分析的最優(yōu)選擇;第二是進(jìn)一步完善特殊目的信托法律制度,探索公司型特殊目的載體的建構(gòu)機(jī)制;第三是借鑒域外創(chuàng)新規(guī)制方法,健全資產(chǎn)證券化信用評級體系,完善信息披露路徑,保障信息有效溝通。
[Abstract]:In recent years, with the opening and development of the international financial market, the asset securitization financial derivatives are recovering gradually in the financial crisis in the 2008. The essence of asset securitization is the securitization of creditor's rights. Through a series of structured designs, the assets which are not easy to change but have stable cash flow are financing in the form of securities. The transaction cost and the form of financing have been praised as one of the greatest financial innovations of the twentieth Century. The unique design of the special purpose carrier is the construction of the "bankruptcy isolation" mechanism, which plays a decisive role in the operation of the asset securitization business. The special purpose carrier is studied and analyzed. According to the legal basis of the legislation of the special purpose carrier in China's asset securitization, the current system is summed up and the suggestion path is put forward to provide the legal guarantee and theoretical support for the good and fast development of the asset securitization business in China. The full text is divided into five parts. The first part is the introduction. This paper mainly introduces the basic concept of special purpose carrier, the research background and significance of the article, the research methods used in the article, the innovation in the research process, and the main research framework of the article. The second part is the establishment mode and legal relationship analysis of the special purpose carrier for Asset Securitization. The establishment mode of the carrier. The common special purpose carrier formation mode mainly includes the special purpose carrier of trust type, the special purpose carrier of the company and the special purpose carrier of the partnership type. Through the analysis of the characteristics of the various types of organization, the advantages and disadvantages are described in detail. Then, the special purpose carrier and promoter, investment in the asset securitization business are analyzed one by one. The legal relationship between the underwriter and the other service providers. The third part is the legislative status of the special purpose carrier for the securitization of foreign assets. The United States, the United Kingdom, Japan and South Korea, for example, the United States of America, Britain, Japan and Korea, are the earliest, and the special purpose carrier is the most mature; The asset securitization business is second only to the United States, ranking first in the European countries, with the choice characteristic of the special purpose carrier in the context of equity; the country which is the first to start the asset securitization business in Asia, is rooted in the traditional continental law system, and can provide useful reference for our country; the South Korea's asset securitization business is derived from the economic crisis. The government has played a decisive role in the process of business development. The fourth part is the legal integration and main problems of the special purpose carrier of China's asset securitization. First, it introduces the main legal provisions of the special purpose carrier of China's asset securitization, sums up the credit securitization, the special plan of asset support, and the project assets branch. The legal provisions of the special purpose carrier mode, which are common in several practices, such as the plan, the asset support bill and so on. The analysis of the problems existing in the legal system related to the special purpose carrier of the asset securitization of our country, one is division supervision, many ways, and low legislative level; two, the legal structure of the special purpose carrier of trust type exists defects; the three is the company. The special purpose carrier is confronted with legal obstacles. The fifth part is the perfect path for the special purpose carrier of China's asset securitization. The first is to unify the relevant legislation of the special purpose carrier, construct the legal system of asset securitization, and analyze the best selection of the legal basis and game analysis of the special legislation from the perspective of jurisprudence and law and economics. The second is to further improve the special purpose trust legal system, to explore the construction mechanism of the special purpose carrier of the company, and the third is to draw on the foreign innovation regulation methods, improve the credit rating system of asset securitization, improve the information disclosure path, and ensure the effective communication of information.

【學(xué)位授予單位】：吉林財(cái)經(jīng)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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