本文選題：企業(yè)資產(chǎn)證券化 + 基礎(chǔ)資產(chǎn)��； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：資產(chǎn)證券化從上世紀(jì)七十年代被發(fā)明開始,迅速在世界各國(guó)發(fā)展起來,成為重要的融資工具。企業(yè)資產(chǎn)證券化是在銀行信貸資產(chǎn)證券化技術(shù)發(fā)展到一定階段的產(chǎn)物。企業(yè)資產(chǎn)證券化盤活了企業(yè)的固定資產(chǎn),緩解了企業(yè)的融資困難,并能通過結(jié)構(gòu)化技術(shù)和分層技術(shù)降低融資成本,豐富證券品種,繁榮證券市場(chǎng),從而促進(jìn)經(jīng)濟(jì)的增長(zhǎng)。 本文對(duì)如何構(gòu)建企業(yè)資產(chǎn)證券化法律制度進(jìn)行研究,抓住企業(yè)資產(chǎn)證券化的基礎(chǔ)資產(chǎn)、特殊目的載體、資產(chǎn)轉(zhuǎn)讓和風(fēng)險(xiǎn)控制這幾個(gè)關(guān)鍵要素,結(jié)合經(jīng)濟(jì)學(xué)和會(huì)計(jì)學(xué)知識(shí),對(duì)企業(yè)資產(chǎn)證券化法律制度進(jìn)行較為全面的分析,并結(jié)合國(guó)外的經(jīng)驗(yàn)和我國(guó)的實(shí)際,對(duì)我國(guó)構(gòu)建企業(yè)資產(chǎn)證券化法律制度提出立法建議。同時(shí),本文就美國(guó)次貸危機(jī)中暴露出的資產(chǎn)證券化問題進(jìn)行及時(shí)的分析,提出建議,希望及時(shí)采納進(jìn)去企業(yè)資產(chǎn)證券化的法律制度之中。 全文分為五章： 第一章是企業(yè)資產(chǎn)證券化的概述,為下文展開企業(yè)資產(chǎn)證券化制度建設(shè)論述做鋪墊。首先,運(yùn)用歷史研究的方法,介紹了企業(yè)資產(chǎn)證券化的概念,然后從原始權(quán)益人、投資人和社會(huì)整體經(jīng)濟(jì)三個(gè)角度講述了需要推動(dòng)企業(yè)資產(chǎn)證券化的原因,隨后介紹了企業(yè)資產(chǎn)證券化的主要參與主體和一般交易結(jié)構(gòu)。最后,對(duì)企業(yè)資產(chǎn)證券化目前在我國(guó)的試點(diǎn)和立法情況進(jìn)行了說明。 第二章對(duì)企業(yè)資產(chǎn)證券化的基礎(chǔ)資產(chǎn)進(jìn)行分析。首先結(jié)合經(jīng)濟(jì)學(xué)和會(huì)計(jì)學(xué)的知識(shí),對(duì)基礎(chǔ)資產(chǎn)的本質(zhì)進(jìn)行了深入的探討,指出其可能的四種法律屬性——物權(quán)、債權(quán)、知識(shí)產(chǎn)權(quán)和未來權(quán)利,然后對(duì)每個(gè)資產(chǎn)種類逐一進(jìn)行仔細(xì)說明和分析。隨后,指出基礎(chǔ)資產(chǎn)必需的可轉(zhuǎn)讓性,為之后的資產(chǎn)轉(zhuǎn)讓做鋪墊。最后,結(jié)合我國(guó)的具體情況,提出立法建議。 第三章分析企業(yè)資產(chǎn)證券化結(jié)構(gòu)中形式上的核心——特殊目的載體,從設(shè)立特殊目的載體的目的及其應(yīng)當(dāng)具備的法律特征入手,指出了國(guó)際上常見的資產(chǎn)證券化特殊目的載體的組織形式,然后對(duì)我國(guó)特有的專項(xiàng)資產(chǎn)管理計(jì)劃模式做了探討,提出了改進(jìn)建議。 第四章分析企業(yè)資產(chǎn)證券化的重要步驟——資產(chǎn)轉(zhuǎn)讓,指出為了實(shí)現(xiàn)與原始權(quán)益人的破產(chǎn)隔離,資產(chǎn)轉(zhuǎn)讓應(yīng)當(dāng)達(dá)到“真實(shí)出售”的標(biāo)準(zhǔn)。隨后,根據(jù)美國(guó)的經(jīng)驗(yàn)指出“真實(shí)出售”的認(rèn)定標(biāo)準(zhǔn)。轉(zhuǎn)讓協(xié)議中的定價(jià)機(jī)制、追索權(quán)設(shè)置、資產(chǎn)管理權(quán)、資金使用權(quán)、取回權(quán)等,這些可能導(dǎo)致“真實(shí)出售”被認(rèn)定是融資擔(dān)保；對(duì)資產(chǎn)的不公平定價(jià)以及出讓人和受讓人混同,這些因素可能導(dǎo)致“真實(shí)出售”被法院撤銷或認(rèn)定無效。隨后,針對(duì)上述因素,結(jié)合我國(guó)的現(xiàn)實(shí)情況,提出了適合我國(guó)國(guó)情的立法建議。 第五章總結(jié)了美國(guó)次貸危機(jī)以后,資產(chǎn)證券化暴露出的系統(tǒng)性風(fēng)險(xiǎn)�；A(chǔ)資產(chǎn)的質(zhì)量得不到有效控制,原始權(quán)益人、資產(chǎn)管理人、中介機(jī)構(gòu)都存在道德風(fēng)險(xiǎn),投資人也不履行謹(jǐn)慎投資的義務(wù),而是過于依賴信用評(píng)級(jí)機(jī)構(gòu),最終導(dǎo)致投資人承擔(dān)了大量的風(fēng)險(xiǎn)。加上監(jiān)管松散,風(fēng)險(xiǎn)很快轉(zhuǎn)化為損失。一旦損失大量爆發(fā),就會(huì)使投資者喪失信心,引發(fā)市場(chǎng)恐慌,進(jìn)而造成金融危機(jī),例如美國(guó)2008年的金融危機(jī)。因此,美國(guó)次貸危機(jī)啟示我們,應(yīng)當(dāng)盡可能在法律制度設(shè)計(jì)之時(shí),考慮各方的利益驅(qū)動(dòng),通過法律規(guī)制的方法,使得各方的利益一致化。
[Abstract]:The securitization of assets, which was invented in the 70s of last century, has developed rapidly in all countries of the world and became an important financing tool. The securitization of enterprise assets is the product of the development of bank credit asset securitization. Through structured technology and layered technology, we can reduce the cost of financing, enrich the variety of securities, and flourish the stock market, thus promoting economic growth.
This paper studies how to construct the legal system of the enterprise asset securitization, grasp the key elements of the basic assets of the enterprise asset securitization, the special purpose carrier, the asset transfer and the risk control, and combine the economics and accounting knowledge to make a more comprehensive analysis of the legal system of the enterprise asset securitization, and combine the foreign classics. According to the reality of our country, we put forward legislative proposals for the construction of the legal system of enterprise asset securitization in our country. At the same time, this paper makes a timely analysis on the problem of asset securitization exposed in the United States subprime mortgage crisis, and puts forward some suggestions, hoping to adopt the legal system of the enterprise asset securitization in time.
The full text is divided into five chapters.
The first chapter is the summary of the enterprise asset securitization, which paves the way for the discussion of the system construction of the enterprise asset securitization below. First, the concept of the enterprise asset securitization is introduced with the method of historical research. Then, the original equity holder, the investor and the social overall economy are three points of view that the enterprise asset securitization needs to be promoted. After that, the main participants and the general trading structure of the enterprise asset securitization are introduced. Finally, the pilot and legislative situation of the enterprise asset securitization in China are explained.
The second chapter analyzes the basic assets of the enterprise asset securitization. First, the essence of the basic assets is deeply discussed in combination with the knowledge of economics and accounting, and the possible four kinds of legal attributes - real right, creditor's right, intellectual property and future rights are pointed out, and then each type of asset is carefully explained and analyzed. Then, it points out that the basic assets must be transferable, laying the groundwork for the subsequent transfer of assets. Finally, combined with the specific circumstances of China, it puts forward legislative proposals.
The third chapter analyzes the core of the form of the enterprise asset securitization, the special purpose carrier, starts with the purpose of setting up the special purpose carrier and the legal characteristics that should be possessed, and points out the organization form of the special purpose carrier of the common asset securitization in the world, and then does the special management plan mode of the special assets in our country. A discussion is made and suggestions for improvement are put forward.
The fourth chapter analyzes the important step of the asset securitization of enterprises - asset transfer, pointing out that in order to achieve the bankruptcy isolation of the original equity holders, the transfer of assets should reach the standard of "real sale". Then, according to the experience of the United States, it points out the standard of "real sale". The pricing mechanism, the right to recourse, the asset management in the transfer agreement. The right to use, the right to use the funds, the right to return, which may lead to the "real sale" is identified as a financing guarantee; the unfair pricing of the assets and the confuse of the transferor and the assignee may lead to the "real sale" by the court to be revoked or invalid. Then, the above factors, combined with the reality of our country, have been put forward. Legislative proposals to meet the national conditions of our country.
The fifth chapter summarizes the systemic risk exposed by asset securitization after the American subprime mortgage crisis. The quality of the basic assets can not be effectively controlled. The original equity, asset managers, intermediaries all have moral risks, and the investors do not fulfill the obligation of prudent investment, but they are too dependent on credit rating agencies, and ultimately lead to investors' commitments. A large amount of risk, coupled with loose supervision, is quickly transformed into a loss. Once a large number of losses erupts, investors lose their confidence and cause market panic, causing the financial crisis, such as the financial crisis in the United States in 2008. Therefore, the American subprime crisis should inspire us to consider the parties as much as possible when the legal system is designed. The interests drive the interests of all parties to be consistent through legal regulation.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D923;D922.287

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