【摘要】：真實(shí)出售可以隔離獨(dú)立資產(chǎn)的信用風(fēng)險(xiǎn)與發(fā)起人的破產(chǎn)風(fēng)險(xiǎn)，是資產(chǎn)隔離可以成功運(yùn)作的必要條件。本文立足于本土化的資產(chǎn)證券化實(shí)踐，結(jié)合我國(guó)現(xiàn)行與資產(chǎn)證券化“真實(shí)出售”相關(guān)的法律法規(guī)，對(duì)真實(shí)出售的相關(guān)法律問題展開論述，共分為五部分。 第一部分是資產(chǎn)轉(zhuǎn)移的方式。合適的資產(chǎn)轉(zhuǎn)移方式是真實(shí)出售的前提，目前國(guó)內(nèi)外資產(chǎn)證券化的資產(chǎn)轉(zhuǎn)移主要有四個(gè)方式，分別是更新、從屬參與、讓與和信托。在我國(guó)的法制環(huán)境和市場(chǎng)實(shí)踐中，宜選擇債權(quán)讓與和信托這兩種資產(chǎn)轉(zhuǎn)移方式。 第二部分是真實(shí)出售的判斷標(biāo)準(zhǔn)。在該部分，先討論了真實(shí)出售的法律內(nèi)涵，本文認(rèn)為真實(shí)出售的法律內(nèi)涵是發(fā)起人將持有的原始資產(chǎn)有效轉(zhuǎn)移給SPV后，資產(chǎn)的信用風(fēng)險(xiǎn)即與發(fā)起人的破產(chǎn)風(fēng)險(xiǎn)相隔離，即使發(fā)起人破產(chǎn)，該資產(chǎn)也不受破產(chǎn)債權(quán)人的任何追索和破產(chǎn)程序的任何干擾。關(guān)于真實(shí)出售的判斷標(biāo)準(zhǔn)，國(guó)外主要分為實(shí)質(zhì)主義和形式主義兩大派，實(shí)質(zhì)主義注重交易的經(jīng)濟(jì)實(shí)質(zhì)，而形式主義尊重當(dāng)事人的意思自治。對(duì)于我國(guó)而言，，考慮到資產(chǎn)證券化發(fā)展初期的階段特點(diǎn)和試點(diǎn)期間的實(shí)踐作法，建議采實(shí)質(zhì)主義的判斷標(biāo)準(zhǔn)。 第三部分是真實(shí)出售的法律要件。我國(guó)尚未明確真實(shí)出售法律要件，目前存在的主要是在會(huì)計(jì)層面對(duì)真實(shí)出售的相關(guān)規(guī)定，具體為《企業(yè)會(huì)計(jì)準(zhǔn)則第23號(hào)－－金融資產(chǎn)轉(zhuǎn)移》和《金融機(jī)構(gòu)信貸資產(chǎn)證券化試點(diǎn)監(jiān)督管理辦法》中的相關(guān)規(guī)定。本文提出構(gòu)建我國(guó)真實(shí)出售法律要件的三大因素：需采用有效的資產(chǎn)轉(zhuǎn)移方式轉(zhuǎn)移基礎(chǔ)資產(chǎn)；有資產(chǎn)轉(zhuǎn)移的真實(shí)意思表示；基礎(chǔ)資產(chǎn)需與發(fā)起人的破產(chǎn)風(fēng)險(xiǎn)相隔離。對(duì)于不符合真實(shí)出售的交易，就可能會(huì)面臨重新定性、破產(chǎn)取回、撤銷交易和混合的法律風(fēng)險(xiǎn)。 第四部分是真實(shí)出售的對(duì)抗要件。由于資產(chǎn)證券化的發(fā)行環(huán)節(jié)會(huì)牽扯到眾多投資者的利益，因此之前資產(chǎn)轉(zhuǎn)移環(huán)節(jié)中的“真實(shí)出售”也需具有對(duì)世的效力，這就涉及資產(chǎn)轉(zhuǎn)移公示制度的建立，本文建議對(duì)于債權(quán)讓與和信托轉(zhuǎn)移的公示都采取登記的方式。 第五部分是我國(guó)真實(shí)出售問題的實(shí)踐分析。在該部分，主要討論了信貸資產(chǎn)證券化和企業(yè)資產(chǎn)證券化兩大類型。在該部分，主要討論了信貸資產(chǎn)證券化和企業(yè)資產(chǎn)證券化兩大主流形態(tài)。我國(guó)信貸資產(chǎn)證券化以信托為資產(chǎn)轉(zhuǎn)移模式，雖然仍有問題尚待完善，但基本上可以滿足真實(shí)出售的法律標(biāo)準(zhǔn)。而專項(xiàng)資產(chǎn)管理計(jì)劃的真實(shí)出售純度則不一，主要存在收益權(quán)類基礎(chǔ)資產(chǎn)、發(fā)起人的反擔(dān)保風(fēng)險(xiǎn)、資金混同風(fēng)險(xiǎn)、發(fā)起人的回售權(quán)和贖回權(quán)、發(fā)起人的補(bǔ)足承諾、計(jì)劃管理人的破產(chǎn)風(fēng)險(xiǎn)和證券公司是否可以從事信托業(yè)務(wù)等問題。
[Abstract]:The real sale can isolate the credit risk of independent assets and the bankruptcy risk of sponsors, which is the necessary condition for the successful operation of asset separation. Based on the local practice of asset securitization and the current laws and regulations related to the "real sale" of asset securitization in China, this paper discusses the relevant legal issues of real sale, which is divided into five parts. The first part is the mode of transfer of assets. At present, there are four ways of asset transfer in domestic and foreign asset securitization, which are renewal, subordinate participation, transfer and trust. In our country's legal environment and market practice, the transfer of creditor's rights and trust should be chosen. The second part is the criterion of real sale. In this part, we first discuss the legal connotation of real sale. This paper holds that the legal connotation of real sale is that the credit risk of the assets is isolated from the bankruptcy risk of the sponsors after the original assets are effectively transferred to the SPV. Even if the initiator is bankrupt, the asset is not subject to any recourse by the bankrupt creditor and any interference with the insolvency proceedings. On the criterion of real sale, there are two major schools in foreign countries: essentialism and formalism. Substance pays attention to the economic essence of transaction, while formalism respects the autonomy of the parties' will. For our country, considering the characteristics of the initial stage of asset securitization development and the practice during the pilot period, it is suggested to adopt the criterion of essentialism. The third part is the legal elements of real sale. China has not yet made clear the legal requirements of the real sale. At present, there are mainly the relevant provisions on the real sale at the accounting level. The related provisions of Accounting Standards for Enterprises No. 23-transfer of Financial assets and measures for Supervision and Administration of Credit Asset Securitization of Financial institutions. This paper puts forward three major factors to construct the legal elements of real sale in China: transfer of basic assets by effective transfer of assets, expression of real meaning of transfer of assets, isolation of basic assets from the bankruptcy risk of sponsors. For transactions that do not match the real sale, there may be legal risks of recharacterization, recovery from bankruptcy, cancellation of the transaction and a mix of them. The fourth part is the antagonistic elements of real sale. Since the issuance of asset securitization will involve the interests of many investors, the "real sale" in the asset transfer link also needs to be effective to the world, which involves the establishment of the asset transfer publicity system. This paper suggests that both the assignment of creditor's rights and the public notice of the transfer of trust should be registered. The fifth part is the practical analysis of the problem of real sale in China. In this part, two types of credit asset securitization and enterprise asset securitization are discussed. In this part, two main forms of credit asset securitization and enterprise asset securitization are discussed. China's credit asset securitization takes trust as the mode of asset transfer, although there are still some problems to be perfected, it can basically meet the legal standard of real sale. However, the purity of the real sale of the special asset management plan is not the same. There are mainly the basic assets of the income right category, the risk of the sponsors' counter-guarantee, the risk of mixing the funds, the rights of the promoters to sell back and the right of redemption, and the supplementary commitments of the sponsors. Plan administrator's bankruptcy risk and whether the securities company can engage in trust business and so on.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：D923;D922.287

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