發(fā)布時間：2018-06-05 21:43

  本文選題：資產(chǎn)證券化 + 風險隔離��； 參考：《華東政法大學》2013年碩士論文

【摘要】：資產(chǎn)證券化作為一種與傳統(tǒng)融資方式相比更有效率的融資方式，自其1970年在美國出現(xiàn)以來就逐漸發(fā)展繁榮，中國的資產(chǎn)證券化也已經(jīng)積累了一定的實踐經(jīng)驗。在資產(chǎn)證券化中，安全性的設(shè)計是資產(chǎn)證券化制度的核心內(nèi)容，為了提高資產(chǎn)證券化交易的穩(wěn)定性，保護投資者的利益，風險隔離制度在資產(chǎn)證券化制度設(shè)計中顯得尤為重要。論文主要分為三個部分： 第一部分：主要從資產(chǎn)證券化的一般概念入手，敘述了資產(chǎn)證券化的一般流程并總結(jié)了資產(chǎn)證券化的基本要素。在對資產(chǎn)證券化基本要素的敘述中，突出風險隔離制度的作用。在對資產(chǎn)證券化做概括性介紹的基礎(chǔ)上，展開介紹了風險隔離機制的作用，即隔離發(fā)起人的破產(chǎn)風險和使SPV遠離其自身的破產(chǎn)風險。為第二章的論述做好鋪墊。 第二部分：這一部分是論文的主體部分。主要結(jié)合了美國的司法實踐，從風險隔離制度的兩方面主要作用出發(fā)，分別敘述了相關(guān)的法律問題。與隔離發(fā)起人破產(chǎn)風險相關(guān)的法律問題主要包括SPV形式的適當選擇、資產(chǎn)轉(zhuǎn)移的方式、真實銷售的認定標準、欺詐性轉(zhuǎn)移和優(yōu)待性轉(zhuǎn)移的認定等。與使SPV遠離其自身的破產(chǎn)風險相關(guān)的法律問題主要圍繞SPV本身的治理條款和經(jīng)營限制條款的設(shè)計及其風險隔離效力展開，包括對SPV經(jīng)營范圍和負債限制的討論、破產(chǎn)放棄條款有效性的問題、獨立董事的設(shè)置及其對SPV破產(chǎn)風險防范的作用等。另外，除了對風險隔離機制構(gòu)建本身的法律問題進行討論外，該部分還對“實質(zhì)合并”和最新的“公司家族”理論做了介紹和分析，這兩者是當下風險隔離機制構(gòu)建可能面臨的挑戰(zhàn)。 第三部分：這一部分在上文對風險隔離制度的法律問題進行分析的基礎(chǔ)上，結(jié)合中國在風險隔離機制構(gòu)建方面的法律規(guī)定，，對現(xiàn)有的法律規(guī)定進行了歸納和評價，并嘗試對現(xiàn)有法律規(guī)制提出了一些完善意見。
[Abstract]:Asset securitization, as a more efficient financing method compared with traditional financing methods, has developed and flourished since its emergence in the United States in 1970. China's asset securitization has also accumulated some practical experience. In asset securitization, the design of security is the core content of asset securitization system. In order to improve the stability of asset securitization transactions and protect the interests of investors, the risk isolation system is particularly important in the design of asset securitization system. The thesis is divided into three parts: The first part: starting with the general concept of asset securitization, it describes the general process of asset securitization and summarizes the basic elements of asset securitization. In the description of the basic elements of asset securitization, the role of risk isolation system is highlighted. Based on the general introduction of asset securitization, this paper introduces the function of risk isolation mechanism, that is, isolating the bankruptcy risk of the initiator and keeping SPV away from its own bankruptcy risk. For the second chapter of the discussion to do a good job. The second part: this part is the main part of the thesis. Combining the judicial practice of the United States, this paper describes the relevant legal issues from the two main roles of the risk isolation system. The legal problems related to the isolation of the sponsors' bankruptcy risk mainly include the proper choice of SPV form, the way of asset transfer, the identification standard of real sales, the identification of fraudulent transfer and preferential transfer, and so on. The legal problems related to keeping SPV away from its own bankruptcy risk mainly revolve around the design of SPV's own governance clause and operating restriction clause and the effectiveness of risk isolation, including the discussion of SPV's scope of business and limitation of liabilities. The validity of bankruptcy waiver clause, the establishment of independent director and its effect on SPV bankruptcy risk prevention, etc. In addition, in addition to discussing the legal issues of the construction of the risk isolation mechanism itself, this part also introduces and analyzes the "substantial merger" and the latest "company family" theory. These two are the current risk isolation mechanism construction may face the challenge. Part three: on the basis of the analysis of the legal problems of the risk isolation system above, this part sums up and evaluates the existing legal provisions in combination with the legal provisions on the construction of the risk isolation mechanism in China. And tries to put forward some perfect suggestions to the existing legal regulation.
【學位授予單位】：華東政法大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：D922.287

【參考文獻】

相關(guān)期刊論文 前1條

1 袁景潮;;資產(chǎn)證券化風險隔離的法律原理[J];時代金融;2011年15期

本文編號：1983499