本文選題：資產(chǎn)證券化　切入點(diǎn)：資產(chǎn)轉(zhuǎn)讓　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：資產(chǎn)證券化是近30多年來(lái)最有影響的金融創(chuàng)新之一,在金融市場(chǎng)上扮演著越來(lái)越重要的角色。自2008年美國(guó)次貸危機(jī)以來(lái),資產(chǎn)證券化卻遭受非議,雖然次貸危機(jī)對(duì)世界金融市場(chǎng)沖擊巨大,但資產(chǎn)證券化這項(xiàng)金融創(chuàng)新工具的價(jià)值是不能否定的。資產(chǎn)證券化在我國(guó)起步較晚,規(guī)模也相對(duì)有限,但是對(duì)于我國(guó)這樣金融市場(chǎng)并不發(fā)達(dá)的國(guó)家,資產(chǎn)證券化在拓寬融資渠道,降低融資成本,穩(wěn)定金融市場(chǎng),改善商業(yè)銀行資本結(jié)構(gòu),增強(qiáng)商業(yè)銀行資產(chǎn)流動(dòng)性,促進(jìn)我國(guó)資本市場(chǎng)發(fā)展等方面都會(huì)起到顯著的作用。所以,在2012年資產(chǎn)證券化停滯的4年后,國(guó)務(wù)院批準(zhǔn)繼續(xù)擴(kuò)大資產(chǎn)證券化試點(diǎn),相比4年前的上一次試點(diǎn),這次放開的體量幾乎趕上了之前4年的總發(fā)行量。而且發(fā)行方多了幾家城市商業(yè)銀行,它們分別拿到了500億元中的幾十億的份額,證監(jiān)會(huì)和銀行間交易商協(xié)會(huì)還對(duì)公司放開了一種非常規(guī)意義的資產(chǎn)證券化產(chǎn)品,購(gòu)買主體也有所突破。目前,中國(guó)工商銀行已經(jīng)獲準(zhǔn)發(fā)行35.92億元“工元2013第一期信貸資產(chǎn)支持證券”,證監(jiān)會(huì)于2013年3月15日發(fā)布《證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定》,允許符合具備證券資產(chǎn)管理業(yè)務(wù)資格等條件的證券公司申請(qǐng)?jiān)O(shè)立專項(xiàng)計(jì)劃、發(fā)行資產(chǎn)支持證券,我國(guó)的資產(chǎn)證券化又將重啟。 資產(chǎn)證券化是指發(fā)起人將擬證券化資產(chǎn)轉(zhuǎn)讓給一個(gè)特殊目的載體,并組成資產(chǎn)池,并以其產(chǎn)生的現(xiàn)金流為基礎(chǔ)設(shè)計(jì)并公開發(fā)行各種有價(jià)證券,SPV用銷售證券獲得的收入償付發(fā)起人的資產(chǎn)轉(zhuǎn)讓價(jià)款,用資產(chǎn)產(chǎn)生的現(xiàn)金流清償投資者所持證券的權(quán)益。另外,信用評(píng)級(jí)和增級(jí)機(jī)構(gòu)為資產(chǎn)證券化提供評(píng)級(jí)和增級(jí),證券承銷商負(fù)責(zé)承銷債券,附屬便利提供機(jī)構(gòu)提供其他服務(wù)。資產(chǎn)轉(zhuǎn)讓是證券化交易結(jié)構(gòu)中最重要的環(huán)節(jié)之一,具體是指發(fā)起人(原始權(quán)益人)將證券化的基礎(chǔ)資產(chǎn)轉(zhuǎn)移到特殊目的載體的過程,資產(chǎn)證券化主要通過資產(chǎn)轉(zhuǎn)讓可以實(shí)現(xiàn)與發(fā)起人的風(fēng)險(xiǎn)隔離,尤其是破產(chǎn)風(fēng)險(xiǎn),決定著資產(chǎn)證券化能否成功,也是區(qū)別資產(chǎn)證券化和其他傳統(tǒng)的融資模式的關(guān)鍵,所以對(duì)資產(chǎn)證券化中資產(chǎn)轉(zhuǎn)移這一環(huán)節(jié)的相關(guān)法律問題進(jìn)行研究很有必要。本文整體思路是：理論依據(jù)、現(xiàn)有制度分析、實(shí)證分析、制度比較啟示與借鑒、最后提出建議。具體分為五章,各章的主要內(nèi)容如下： 第二章詳細(xì)的介紹美國(guó)資產(chǎn)轉(zhuǎn)讓的法律制度,美國(guó)作為世界上資產(chǎn)證券化歷史最悠久的國(guó)家,資產(chǎn)轉(zhuǎn)讓制度必定有其可取之處,當(dāng)然金融危機(jī)的爆發(fā)也暴露出許多問題,所以有必要對(duì)其進(jìn)行分析。本章結(jié)合美國(guó)資產(chǎn)證券化的立法和司法實(shí)踐,分析了轉(zhuǎn)讓的兩種主要方式、通知方式、真實(shí)銷售認(rèn)定標(biāo)準(zhǔn)和風(fēng)險(xiǎn)防范等法律問題,在對(duì)真實(shí)銷售認(rèn)定標(biāo)準(zhǔn)的分析上,分別從會(huì)計(jì)法、破產(chǎn)法和司法判例三方面進(jìn)行分析。如果發(fā)起人向SPY轉(zhuǎn)讓資產(chǎn),不能實(shí)現(xiàn)真實(shí)銷售,就可能遭受可撤銷風(fēng)險(xiǎn)、混合風(fēng)險(xiǎn)和重新定性風(fēng)險(xiǎn),對(duì)如何防范風(fēng)險(xiǎn)提出了建議,最后試圖尋求美國(guó)制度的啟示與借鑒,建議完善資產(chǎn)轉(zhuǎn)讓登記制度,明確資產(chǎn)轉(zhuǎn)讓的認(rèn)定標(biāo)準(zhǔn)。 第三章著重分析我國(guó)資產(chǎn)證券化中的資產(chǎn)轉(zhuǎn)讓制度和具體的法律問題,剖析了我國(guó)目前資產(chǎn)證券化資產(chǎn)轉(zhuǎn)讓選擇信托方式的原因,首先,信托財(cái)產(chǎn)具有獨(dú)立性,不受委托人、受托人破產(chǎn)的影響,和資產(chǎn)證券化的風(fēng)險(xiǎn)隔離要求相符合。第二,從稅收角度來(lái)看,信托方式稅負(fù)相對(duì)來(lái)說(shuō)比較低,能夠避免重復(fù)征稅,可以降低證券化成本,信托模式在節(jié)稅方面具有很大的優(yōu)勢(shì),這也是選擇信托模式的一個(gè)很重要的原因。第三采用信托模式組建SPT可以大大的節(jié)約成本,這也符合資產(chǎn)證券化運(yùn)作追求低成本的要求,只有資產(chǎn)支持證券具備成本優(yōu)勢(shì),才會(huì)有更多價(jià)值讓渡給投資者。最后,有利于資產(chǎn)證券化交易各方的利益保護(hù),在信托制度中,委托人信托其財(cái)產(chǎn)后,就與信托財(cái)產(chǎn)脫離了關(guān)系,委托人和受益人承擔(dān)有限責(zé)任,均以信托財(cái)產(chǎn)為限。信托這種有限責(zé)任有利于保護(hù)資產(chǎn)證券化各方當(dāng)事人。通過對(duì)我國(guó)現(xiàn)有制度框架的分析,發(fā)現(xiàn)我國(guó)目前并無(wú)資產(chǎn)證券化專門立法,相關(guān)規(guī)定都是散見于信托法、會(huì)計(jì)法及司法解釋和規(guī)章等,對(duì)于資產(chǎn)轉(zhuǎn)讓的規(guī)定存在很多漏洞,在美國(guó),成文法的不足可以在司法實(shí)踐中通過確定具體的判例規(guī)則來(lái)彌補(bǔ),但是,我國(guó)資產(chǎn)證券化操作原本就不成熟,證券化需求又很迫切,對(duì)資產(chǎn)證券化中資產(chǎn)轉(zhuǎn)讓的相關(guān)規(guī)定也比較含糊,建議早日出臺(tái)專門的資產(chǎn)證券化法規(guī),完善資產(chǎn)轉(zhuǎn)讓的法律依據(jù),明確資產(chǎn)轉(zhuǎn)讓的認(rèn)定標(biāo)準(zhǔn)。 第四章以“建元2005-01”為例對(duì)我國(guó)的資產(chǎn)證券化試點(diǎn)進(jìn)行分析,重點(diǎn)介紹了資產(chǎn)證券化背景、現(xiàn)狀和交易結(jié)構(gòu),分析我國(guó)資產(chǎn)轉(zhuǎn)讓實(shí)踐中具體的法律問題,具體討論了信托受益權(quán)能否轉(zhuǎn)讓,對(duì)我國(guó)信托財(cái)產(chǎn)的轉(zhuǎn)移和公示方式進(jìn)行了分析,在對(duì)我國(guó)資產(chǎn)轉(zhuǎn)讓認(rèn)定標(biāo)準(zhǔn)分析時(shí),發(fā)現(xiàn)我國(guó)缺少明確的法律標(biāo)準(zhǔn),應(yīng)當(dāng)立法進(jìn)行完善。最后,討論了資產(chǎn)不正當(dāng)轉(zhuǎn)移對(duì)信托效力的影響。 第五章根據(jù)上文對(duì)制度和實(shí)踐的分析,進(jìn)一步提出解決問題的建議,包括完善資產(chǎn)轉(zhuǎn)讓的法律依據(jù),發(fā)揮SPV的積極作用,從資產(chǎn)轉(zhuǎn)讓的目的、資產(chǎn)轉(zhuǎn)讓的價(jià)格、發(fā)起人享有的控制權(quán)、SPV的追索權(quán)、發(fā)起人的追索權(quán)等方面嚴(yán)格認(rèn)定資產(chǎn)轉(zhuǎn)讓。
[Abstract]:Asset securitization is one of the financial innovation in recent 30 years, the most influential, plays an increasingly important role in the financial market. Since 2008 the U.S. subprime mortgage crisis, asset securitization has been criticized, although the sub-prime crisis impact on the world's financial market is huge, but the asset securitization in the financial innovation tool value not negative. Asset securitization in China started late, the scale is relatively limited, but in the financial market in China is not developed countries, asset securitization broaden the financing channels, reduce financing cost, stabilize the financial market and improve the capital structure of commercial banks, enhance the asset liquidity of commercial banks, promoting China's the development of the capital market will play a significant role. Therefore, the asset securitization in 2012 after 4 years of stagnation, approved by the State Council to continue to expand the pilot asset securitization, compared to 4 years ago. A pilot, this release volume almost caught before the total issued 4 years. And the issuer of several city commercial banks, they were to get 50 billion yuan in billions of shares, the Commission and the association between the bank dealers but also the company released an unconventional significance of asset securitization products also, the purchase of the main breakthrough. At present, the ICBC has been allowed to issue 3 billion 592 million yuan "2013 yuan the first phase of the credit asset-backed securities, Securities Regulatory Commission on March 15, 2013 issued securities company asset securitization business in accordance with the provisions on the administration of permits, securities asset management business with the eligibility conditions for securities companies to apply for the establishment of special plans, issuance of asset-backed securities, asset securitization of our country will restart.
Asset securitization refers to the sponsor will be securitized assets transferred to a special purpose vehicle, and the composition of the asset pool, and its cash flow from the basic design and open a variety of securities issued by SPV, the sale of securities revenue reimbursement sponsors of the transfer price of assets, assets that generate cash flow settlement of securities held by investors' rights. In addition, the credit rating and enhancement agencies rating and enhancement for asset securitization, securities underwriters for bond underwriting, affiliated institutions provide convenience to provide other services. The transfer of assets is one of the most important link in the securitization transaction structure, specifically refers to the sponsor (the original rights of people) will transfer the basis of asset securitization to SPV, asset securitization mainly through the transfer of assets risk isolation can be achieved with the sponsors, especially the risk of bankruptcy, determines the assets Securitization success is the key difference between asset securitization and other traditional financing mode, so the research of legal issues related to this part of the transfer of assets in the asset securitization is necessary. In this paper, the overall idea is: theoretical basis, existing system analysis, empirical analysis, system comparison enlightenment and reference, and finally put forward advice. The paper is divided into five chapters, the main contents of each chapter are as follows:
The second chapter introduces the legal system of the transfer of assets, asset securitization in the United States as the world's oldest state asset transfer system must have its merits, but the outbreak of the financial crisis has exposed many problems, so it is necessary to analyze it. This chapter combined with the asset securitization legislation and judicial in practice, analyzes the two main ways, transfer notice, legal standard and the risk identification of true sale, in the analysis of standard of true sale, separately from the accounting law, bankruptcy law and judicial precedent analysis of three aspects. If the sponsor the transfer of assets to SPY, can not realize the true sale, you may suffer a revocable risk, mixed risk and recharacterisation risk, some suggestions on how to prevent the risk of proposed, finally attempts to seek the American system enlightenment and reference suggestions to improve assets The system of transfer and registration is used to define the criteria for determining the transfer of assets.
The third chapter focuses on the analysis of asset securitization in China's asset transfer system and the specific legal issues, the analysis of our current asset securitization asset transfer reasons for choosing the way of trust, first of all, the independence of trust property, the trustee is not affected, the trustee in bankruptcy, asset securitization and risk isolation requirements. Meet. Second, from the tax point of view, the trust tax burden is relatively low, to avoid double taxation, can reduce the cost of securitization, the trust model has great advantages in terms of tax, which is a very important reason for the trust mode. Third using the trust model of the formation of SPT can save the cost greatly, this also in line with the asset securitization pursuit of low cost, only the asset-backed securities have cost advantage, will have more value delivered to investors. Finally, in favor of Asset Securitization The protection of the interests of the parties of the transaction, in trust system, client trust property, and trust property from the relationship between the principal and the beneficiary of limited liability, are limited to the trust property trust limited liability. This is conducive to the protection of assets securitization parties. Through the analysis of our existing institutional framework no, found that the current asset securitization legislation, the relevant provisions are contained in the trust law, accounting law and judicial interpretation and regulations, provisions for the transfer of assets there are many loopholes in the United States, the defects of statute law in judicial practice by determining the rules to make up for the specific case, however, the asset securitization operation in China was not mature, the securitization of demand is very urgent, the relevant provisions of asset transfers are relatively vague, suggest that early introduction of asset securitization law Regulations should be used to improve the legal basis of the transfer of assets and to clarify the criteria for determining the transfer of assets.
In the fourth chapter "Jianyuan 2005-01" as an example of China's asset securitization pilot analysis, focuses on the background of asset securitization, and the status of the transaction structure, analysis of legal issues of China's specific transfer of assets in practice, discusses the beneficial right of the trust can transfer to China Trust property transfer and publicity analyzed in the standard analysis on China's transfer of assets identified, found that the lack of clear legal standards in our country, legislation should be improved. Finally, discussed the influence of trust assets improper transfer effectiveness.
The fifth chapter based on the analysis of the system and the practice of the above, put forward suggestions to solve the problem, including a sound legal basis for the transfer of assets, play a positive role in SPV, from the transfer of assets, asset transfer prices, control of the promoters enjoy, SPV recourse, recourse as promoters of strict recognition the transfer of assets.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287

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