【摘要】：循環(huán)購買結(jié)構(gòu)下的資產(chǎn)證券化能夠有效增加資產(chǎn)的流動性,豐富我國的金融體系,但其自身的風(fēng)險也對我國資本市場的穩(wěn)定構(gòu)成極大威脅。為進一步降低循環(huán)購買結(jié)構(gòu)下資產(chǎn)證券化風(fēng)險帶來的損害,本文對其風(fēng)險和防范措施進行了探究。本文共分為四部分,詳細內(nèi)容闡述如下:第一部分主要介紹了資產(chǎn)證券化在國外與國內(nèi)的產(chǎn)生與發(fā)展。作為資本市場的新生事物,資產(chǎn)證券化在我國產(chǎn)生之后并沒有迅速發(fā)展起來。在經(jīng)歷短暫的"蟄伏"后,資產(chǎn)證券化再次啟航;進入2013年后,隨著我國資產(chǎn)證券化制度的不斷完善,資產(chǎn)證券化以其特有的優(yōu)勢——獨立于企業(yè)自身的信用狀況進行融資,迅速在我國資本市場崛起。為充分發(fā)揮短期資產(chǎn)的價值、解決短期資產(chǎn)流動性不足的問題,循環(huán)購買結(jié)構(gòu)下的資產(chǎn)證券化應(yīng)運而生。第二部分主要介紹了循環(huán)購買下的資產(chǎn)證券化。首先,對資產(chǎn)證券化的定義進行界定。隨后,文章對其交易結(jié)構(gòu)的創(chuàng)新——循環(huán)購買進行論述。循環(huán)購買結(jié)構(gòu)下的資產(chǎn)證券化通過設(shè)立資產(chǎn)池,設(shè)置循環(huán)期與分配期,有效解決了短期資產(chǎn)流動性不足的問題,使短期資產(chǎn)成為資產(chǎn)支持專項計劃的適格基礎(chǔ)資產(chǎn),一定程度上緩解了企業(yè)融資難的處境。第三部分主要介紹了循環(huán)購買結(jié)構(gòu)下資產(chǎn)證券化的潛在法律風(fēng)險。事物都有兩面性,在給我們帶來好處的同時,也會隱藏禍端。創(chuàng)新交易結(jié)構(gòu)后,循環(huán)購買結(jié)構(gòu)下的資產(chǎn)證券化可有效豐富我國資產(chǎn)證券化基礎(chǔ)資產(chǎn)的范圍、增加短期資產(chǎn)的流動性,但因其需要循環(huán)購買基礎(chǔ)資產(chǎn),其面臨的法律風(fēng)險尤為嚴(yán)重。收益權(quán)類基礎(chǔ)資產(chǎn)法律性質(zhì)模糊,影響入池資產(chǎn)獨立性;目前我國的破產(chǎn)撤銷權(quán)并未明確規(guī)定要求當(dāng)事人具有主觀惡意,基礎(chǔ)資產(chǎn)入池后,破產(chǎn)撤銷權(quán)仍然會成為專項計劃上方懸掛的一把"利劍";差額支付承諾是否能夠確保資產(chǎn)支持專項計劃不會出現(xiàn)兌付違約事件的疑問,也使資產(chǎn)支持專項計劃的信用蒙上了一層陰影;專項計劃資金的監(jiān)管不到位,不能及時預(yù)警資產(chǎn)支持專項計劃的違約風(fēng)險;基礎(chǔ)資產(chǎn)是否能夠滿足資產(chǎn)支持專項計劃的存續(xù)要求等。這些風(fēng)險都會對資產(chǎn)支持專項計劃的運營帶來不可估量的損失。第四部分主要介紹了循環(huán)購買結(jié)構(gòu)下資產(chǎn)證券化法律風(fēng)險的防范。我們必須重視循環(huán)購買結(jié)構(gòu)下資產(chǎn)證券化的潛在法律風(fēng)險,明確收益權(quán)類基礎(chǔ)資產(chǎn)法律屬性,完善收益權(quán)類基礎(chǔ)資產(chǎn)轉(zhuǎn)讓方式;完善我國破產(chǎn)撤銷權(quán)制度,維護專項計劃獨立性;完善資產(chǎn)支持專項計劃的增信措施,促進專項計劃穩(wěn)健運營;健全資金監(jiān)管,提前預(yù)警專項計劃的違約風(fēng)險;合理選擇基礎(chǔ)資產(chǎn),確保專項計劃的穩(wěn)定現(xiàn)金流。杜絕風(fēng)險事件的發(fā)生,維護廣大投資者的利益和我國資本市場的穩(wěn)定,是我們義不容辭的責(zé)任。
[Abstract]:Asset securitization under circular purchase structure can effectively increase the liquidity of assets and enrich the financial system of our country, but its own risks also pose a great threat to the stability of China's capital market. In order to further reduce the damage caused by the risk of asset securitization under the circular purchase structure, this paper probes into its risk and preventive measures. This paper is divided into four parts. The main contents are as follows: the first part mainly introduces the emergence and development of asset securitization both at home and abroad. As a new thing in capital market, asset securitization has not developed rapidly in China. After experiencing a brief "dormancy", asset securitization sets sail again. After entering 2013, with the continuous improvement of asset securitization system in China, asset securitization has its unique advantage-independent of the credit status of the enterprise itself to finance. Rapid rise in China's capital market. In order to give full play to the value of short-term assets and solve the problem of lack of liquidity of short-term assets, asset securitization under the structure of circular purchase came into being. The second part mainly introduces the asset securitization under the circulation purchase. Firstly, the definition of asset securitization is defined. Then, the article discusses the innovation of its trading structure-cyclic purchase. Asset securitization under circular purchase structure can effectively solve the problem of lack of liquidity of short-term assets by setting up asset pool, cycle period and distribution period, and make short-term assets become the appropriate basic assets of the special asset support plan. To some extent, ease the financing difficulties of enterprises. The third part mainly introduces the potential legal risk of asset securitization under circular purchase structure. There are two sides to everything, and while bringing us benefits, we can hide the evil at the same time. After the innovation of transaction structure, asset securitization under circular purchase structure can effectively enrich the scope of basic assets of asset securitization in China and increase the liquidity of short-term assets. The legal risk it faces is especially serious. The legal nature of the basic assets of income right is vague, which affects the independence of the assets entering the pool. At present, the bankruptcy revocation right in our country has not clearly stipulated that the parties concerned are required to have subjective malice, after the basic assets enter the pool, Bankruptcy rescission rights will remain a "sword" hanging above the special plan; whether the balance payment commitment will ensure that there will be no default on the asset-backed plan, It also casts a shadow over the credit of the special asset support plan, the supervision of the special plan funds is not in place, and the default risk of the asset support special plan cannot be warned in time; Whether the basic assets can meet the existing requirements of the asset support program, etc. These risks will bring incalculable losses to the operation of the asset support program. The fourth part mainly introduces the prevention of legal risk of asset securitization under circular purchase structure. We must attach importance to the potential legal risk of asset securitization under the structure of circular purchase, clarify the legal attributes of the basic assets of the income right category, perfect the transfer mode of the basic assets of the income right class, and perfect the system of bankruptcy revocation right in our country. To maintain the independence of the special plan; to improve the credit enhancement measures for the asset support special plan, and to promote the steady operation of the special plan; to improve the supervision of funds and to forewarn the default risk of the special plan; and to rationally select the basic assets, Ensure steady cash flow for specific projects. It is our duty to put an end to the occurrence of risk events and to safeguard the interests of investors and the stability of our capital market.
【學(xué)位授予單位】：山東大學(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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