本文選題：資產(chǎn)證券化 + 信息披露�。� 參考：《天津財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：隨著2007年美國次貸危機(jī)在全球的蔓延,資產(chǎn)證券化在發(fā)行與交易過程中的種種弊端被突顯出來,復(fù)雜的結(jié)構(gòu)設(shè)計(jì)掩蓋了原始資產(chǎn)中隱藏的風(fēng)險(xiǎn),而信息披露法律制度中存在的缺陷又使得投資者放松了應(yīng)有的警覺,最終造成了極大的損失。美國次貸危機(jī)的根源在于其監(jiān)管當(dāng)局對(duì)資產(chǎn)證券化的監(jiān)管不力,最直接的表現(xiàn)就在于信息披露的不充分、不及時(shí)。此次全球性的金融危機(jī)之后我國也曾向市場投放過數(shù)萬億的救市資金,這些新增貸款中勢必會(huì)存在部分無法收回的壞賬,如果讓銀行對(duì)這部分風(fēng)險(xiǎn)全額買單,是不公平的,也會(huì)對(duì)銀行自身造成一定的沖擊,進(jìn)而影響到整個(gè)資本市場的穩(wěn)定,所以我國的商業(yè)銀行有進(jìn)行信貸資產(chǎn)證券化的需要。那么為了防止在我國的信貸資產(chǎn)證券化進(jìn)程中重蹈美次貸危機(jī)的覆轍,有必要充分考慮到造成次貸危機(jī)的真正原因--透明度問題,并想方設(shè)法的進(jìn)行克服,全面審視我國現(xiàn)行有關(guān)信息披露制度的法律法規(guī)在信貸資產(chǎn)證券化領(lǐng)域特別規(guī)定的情況,對(duì)不足之處加以完善與補(bǔ)充。 金融創(chuàng)新始終有金融監(jiān)管伴其左右,監(jiān)管并不會(huì)攔阻創(chuàng)新的腳步,而是為了鞭策其向正確的方向發(fā)展。信貸資產(chǎn)證券化信息披露制度的核心環(huán)節(jié)在于對(duì)原始資產(chǎn)相關(guān)信息的揭示是否及時(shí)充分,相關(guān)信息披露義務(wù)主體能否排除道德風(fēng)險(xiǎn)恪盡職責(zé)履行自身的信息披露義務(wù),監(jiān)管當(dāng)局在事前立法保護(hù)、事中行使監(jiān)管職權(quán)以及事后的侵權(quán)救濟(jì)方面是否存在缺陷等問題,對(duì)此可以借鑒國際先進(jìn)立法實(shí)踐經(jīng)驗(yàn)進(jìn)行規(guī)定。資產(chǎn)證券化是一項(xiàng)橫跨金融、會(huì)計(jì)、法律等學(xué)科的新型融資方式,所以在制定相關(guān)法律政策時(shí),應(yīng)綜合考慮各領(lǐng)域理論知識(shí),從不同層次加以分析整合,形成完整的信息披露制度的監(jiān)管框架,立體式全方位的保護(hù)金融消費(fèi)者的合法權(quán)益,促進(jìn)資產(chǎn)證券化市場的穩(wěn)健發(fā)展。 本文采用案例分析、歷史分析法以及文獻(xiàn)分析法從美國次貸危機(jī)出發(fā),梳理美國與巴塞爾委員會(huì)有關(guān)信貸資產(chǎn)證券化信息披露制度的發(fā)展歷程,厘清我國信貸資產(chǎn)證券化信息披露制度的現(xiàn)狀與未來發(fā)展的方向。本文結(jié)合會(huì)計(jì)學(xué)知識(shí),從宏觀與微觀兩個(gè)角度全面揭示資產(chǎn)證券化過程中如何進(jìn)行有效的信息披露,以保證投資者利益與資本市場的健康有序發(fā)展。
[Abstract]:With the spread of the subprime mortgage crisis in the United States in 2007, the drawbacks of asset securitization in the process of issuing and trading have been highlighted, and the complex structural design has concealed the hidden risks in the original assets. However, the defects in the legal system of information disclosure make investors relax their due vigilance and cause great losses. The root of the subprime mortgage crisis in the United States lies in the weak supervision of asset securitization by its regulatory authorities, the most direct manifestation of which lies in the inadequate and untimely disclosure of information. After the global financial crisis, China has also put trillions of dollars of rescue funds into the market. There will inevitably be some uncollectible bad loans in these new loans. It would be unfair to let banks pay the full price of this part of the risk. It will also have a certain impact on the banks themselves, thus affecting the stability of the entire capital market, so commercial banks in China need to carry out securitization of credit assets. Well, in order to prevent China's credit asset securitization process from repeating the mistakes of the US subprime mortgage crisis, it is necessary to fully consider the real cause of the sub-prime mortgage crisis-transparency, and try its best to overcome it. A comprehensive review of the current laws and regulations on information disclosure system in China in the field of credit asset securitization special provisions to improve and supplement the deficiencies. Financial innovation has always been accompanied by financial supervision, supervision will not stop the pace of innovation, but to spur its development in the right direction. The key link of credit asset securitization information disclosure system lies in whether the disclosure of original assets related information is timely and sufficient, whether the subject of relevant information disclosure obligation can eliminate moral hazard and fulfill its own information disclosure obligation. There are some problems such as the protection of legislation in advance, the exercise of supervision authority and whether there are defects in tort relief after the event, which can be regulated by reference to the international advanced legislative practice experience. Asset securitization is a new type of financing method that straddles finance, accounting, law and other disciplines. Therefore, when formulating relevant legal policies, we should consider the theoretical knowledge in various fields and analyze and integrate it from different levels. To form a complete regulatory framework of information disclosure system, to protect the legitimate rights and interests of financial consumers in all directions, and to promote the steady development of asset securitization market. This paper uses case analysis, historical analysis and literature analysis to sort out the development of credit asset securitization information disclosure system between the United States and the Basel Committee from the sub-prime mortgage crisis in the United States. To clarify the current situation and future development of information disclosure system of credit asset securitization in China. Combined with accounting knowledge, this paper comprehensively reveals how to make effective information disclosure in the process of asset securitization from macro and micro perspectives, so as to ensure the healthy and orderly development of investors' interests and capital market.
【學(xué)位授予單位】：天津財(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)】：D922.282

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